Max Ventures and Industries’ wholly owned subsidiary -- Max Estates has completed the acquisition of 100% equity share capital of Accord Hotels and Resorts on June 17, 2022 for an aggregate consideration of Rs 293 crore. Consequent to the completion of acquisition, Accord Hotels and Resorts has become a step down wholly owned subsidiary of the Company through Max Estates with effect from June 17, 2022.
The reason to acquire Accord Hotels and Resorts is to use its only asset i.e. a 10 acre land parcel located in Sector 128, Noida for the purpose of developing a mixed use residential community with an estimated saleable area of 1 Mn Sq. Ft.
Max Ventures and Industries, a part of Max Group, operates primarily in the areas of manufacturing and real estate.
