Max Estates, a subsidiary of Max India, has announced that its Board of Directors has approved the acquisition of three floors (L19, L20, and L20M) in ‘Max Towers’, a commercial property located in Noida, from its parent company Max India. Max Towers is a subsidiary of Max India.
The acquisition, valued at Rs 105.08 crore, was made pursuant to the exercise of the right of first refusal (ROFR) and aligns with Max Towers Private Limited’s (MTPL) strategic objective of consolidating its ownership in Max Towers.
The Board has also approved a material-related party transaction for an incremental investment in Acreage Builders Private Limited (ABPL), a subsidiary of Max Estates. The investment will be made jointly by Max Estates and New York Life Insurance Company (NYL) in the existing shareholding ratio of 51:49. The funds will be used for ABPL’s ongoing project in Sector-65, Golf Course Extension, Gurugram. Following this transaction, the total investment in the project will be revised from Rs 585 crore to approximately Rs 670 crore.
