Max Speciality Films supplies speciality packaging, labels, coating and thermal lamination films for customers in the Indian and overseas markets
Max Speciality Films produces packaging films suitable for processed foods, confectionery, non-food fast moving consumer goods (FMCG) or industrial goods. (Credit: Kevin Phillips from Pixabay)
Japan-based Toppan Printing has agreed to purchase the remaining stake in the speciality packaging films business from Max Group’s Max Ventures & Industries (MaxVIL) for an enterprise value of around INR13.5bn ($181.2m).
Under the deal, Toppan Printing will acquire the remaining 51% interest in Max Speciality Films.
With a 51:49 interest ratio, Max Speciality Films was established by Max Group and Toppan.
Toppan will purchase the 51% stake in Max Speciality Films in two separate tranches.
Under the deal, Toppan has also agreed to take over the debt of Max Speciality Films.
In a statement, MaxVIL CEO and MD Sahil Vachani said: “The decision to divest our residual 51% stake in speciality packaging business to the existing partner is to generate additional growth capital to deploy in the real estate business that offers tremendous growth opportunities.”
Established in1990, Max Speciality Films supplies speciality packaging, labels, coating and thermal lamination films for customers in the Indian and overseas markets.
The company manufactures packaging films, which can be used for processed foods, confectionery, non-food fast moving consumer goods (FMCG) or industrial goods.
It also produces label films suitable for bottles, jars and other packaging containers.
In addition, the firm manufactures graphic lamination films suitable for various applications ranging from magazine covers to displays.
In September this year, Toppan announced the development of a new barrier-coated paper for packaging applications.