Max Ventures and Industries’ wholly owned subsidiary -- Max Estates has completed the acquisition of 97.61% equity share capital of Acreage Builders on October 27, 2022 at an enterprise value on 100% basis of Rs 322.50 crore. The acquisition of Balance 2.39% equity share capital is expected to be closed by February 2023. Consequent to the completion of acquisition, Acreage Builders has become a step-down subsidiary of the Company through Max Estates with effect from October 27, 2022.
The reason to acquire Acreage Builders is to use its asset i.e. a 6.24 acre land with a license to develop commercial project over an area measuring 7.15 acres, located at Golf Course Extension Road, Gurugram. The potential leasable area of the commercial project is around 1.6 million sq. ft.
Max Ventures and Industries, a part of Max Group, operates primarily in the areas of manufacturing and real estate.
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