In a bid to exit its non-core business, Insurance and hospitals group Max India is reportedly planning to sell its polypropylene business for an enterprise worth of about Rs 800 crore. In this regard, the company is in advanced negotiations with at least two overseas firms in Europe and the United States
The transaction is expected to close sometime this quarter. The polypropylene business is expected to have contributed about Rs 700 crore in revenue in the year ended March 31.
Recently, the company sold 26% stake in its life insurance venture to Japan’s MS&AD Insurance Group Holdings Inc. for Rs 2,700 crore or $580 million.
Max India is a multi-business enterprise. The company has business interest in area of life insurance, healthcare and clinical research. Max India holds 91% equity stake in Max Healthcare Institute.
