MUMBAI: Max Specialty Films, the flagship manufacturing business of Max Ventures and Industries’ (MaxVIL), that deals in specialty packaging films, today inducted Toppan Printing Company of Japan as joint venture partner with a 49 per cent stake in the company.
In the new venture, Toppan will be a strategic partner to MSF and will lend its expertise in managing a global speciality films business, as well as use its global sales network. In addition, Toppan, which is a large global buyer of BOPP products which is MSF’s key offering, will also serve as a customer of MSF.
As per the agreement, the 49 per cent acquisition of equity share capital of MSF by Toppan has been completed on a fully diluted basis through a mix of secondary sale by MaxVIL and primary share issuance by MSF.
While MaxVIL has transferred 35.84 per cent of the equity shares of MSF (on a fully diluted basis) for Rs 145.41 crore, MSF has issued and allotted 13.16% of the equity share capital of MSF for Rs 53.36 crore.
With the induction complete, the board of MSF will now have equal representation from both the companies.
With the partnership, MSF’s revenue will reach Rs 260 crore which includes the Rs 128 crore worth capital infusion from the New York Life subsidiary and MaxVIL promoters in February.
The Max Group is an Indian conglomerate with presence across segments like life insurance, health and allied businesses and packaging.