Max Estates, a subsidiary of Max Ventures and Industries Ltd (MaxVIL), has so far deployed equity worth about Rs 2,000 crore, and has funded the acquisition of four projects – one residential and one commercial project – in Noida and Gurugram, respectively, Sahil Vachani, MD and CEO, MaxVIL.
“We have fully acquired these four projects by equity. We raised the money by exiting our packaging business last year. Our partnership with New York Life brought in more equity, and a rights issue in 2018 also contributed,” he said.
In November 2021, MaxVIL sold its 51 percent stake in the specialty packaging films business to Toppan Printing for an “enterprise value of Rs 1,350 crore, translating into an equity value of about Rs 600-650 crore”.
“We are very confident that the Rs 2,000 crore equity we’ve invested will take Max Estates to the next trajectory and we would become one of the top real-estate developers in the region,” he said.
The company’s total investment is about Rs 3,300-3,400 crore across both the residential and commercial segments.
Max Estates has already delivered three commercial projects and one residential project over the last three years. “Now, we are looking to scale up in a more significant way. Over the last year, we have announced four new acquisitions or projects – a residential project in Noida, a residential project in Gurugram, a commercial project in Noida, and another commercial project in Gurugram,” he said.
The company is working on two new commercial projects. In Noida, it has recently acquired a 4-acre land parcel through an auction, and, in Gurugram, it bought a 7-acre land parcel. “Both are commercial land parcels on which we will be doing approximately 2.8 million sq ft of office and retail development,” he said.
This format is in partnership with New York Life Insurance. “They are our partners. We are their exclusive partner for India. This is a platform approach, under which they will hold 49 percent equity and Max Estates 51 percent in every project we partner with them. That’s the format for the office space,” he said.