New York Life to invest Rs 290 crore in Max Group’s project
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Maxville said in a statement that its arm Max Estates has completed 100 per cent acquisition of Acreage Builders. Max Estates Limited had acquired Acreage Builders in September 2021 for an enterprise value of Rs 322.50 crore. Acreage Builders owns 7.15 acres of land at Golf Course Extension Road, Gurugram.
New Delhi. New York Life Insurance Company will invest Rs 290 crore for a 49 per cent stake in a commercial project being developed in Gurugram. Max Ventures & Industries Limited (Maxville), a Max Group company, is developing the commercial project. Maxville said in a statement that its arm Max Estates has completed 100 per cent acquisition of Acreage Builders. Max Estates Limited had acquired Acreage Builders in September 2021 for an enterprise value of Rs 322.50 crore. Acreage Builders owns 7.15 acres of land at Golf Course Extension Road, Gurugram.
Maxwell said, “New York Life Insurance has been associated with an investment commitment of Rs 290 crore in Acreage Builders. It will hold 49 per cent stake while Max Estates will hold 51 per cent. Sahil Vachani, Managing Director and Chief Executive Officer (CEO) of Maxville said that with this acquisition the company has forayed into real estate and by the end of the financial year Its real estate portfolio will be around 70-80 lakh sq ft.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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