New Delhi: Analjit Singh-led Max India is selling its 25-year-old its speciality films business to Germany's Treofan for Rs 540 crore as part of a strategy to focus on services business.
"The offer from Treofan is subject to financing, a material adverse change clause, confirmatory due diligence, execution of mutually satisfactory sale and purchase agreements, management retention, formal approval from Treofan's Advisory Board and receipt of regulatory and corporate approvals," said Max India in a press release.
ET first reported the deal in April.
Max Speciality Films (MSF) division is a strategic business unit of Max India with a BOPP capacity of about 50,000 tonnes per annum (TPA). Last fiscal before the ramp-up of the new line, the unit had revenue of Rs 703 crore, a 77% growth over the previous fiscal while operating profit increased 50% to Rs 77 crore.
Analjit Singh, chairman Max India Limited said, "It was an emotional decision for me personally, but the board and management rightly decided that it made good business sense to focus on our portfolio of service oriented businesses of life."
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