MaxVIL rises as arm proposes to acquire firm for real estate biz

7 Sep 2022 , 02:43 PM

The company said it acquired Acreage Builders, to use its asset, 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 square feet. The amount of acquisition stood at Rs 291.50 crore while its enterprise value being Rs 322.50 crore. Post-acquisition, Acreage Builders will become a wholly owned subsidiary of Max Estates. The company said that the transaction is subject to Acreage Builders obtaining the necessary statutory approvals as may be required including but not limited to from development authorities. The transaction is expected to be completed by February 2023. Acreage Builders was incorporated with the object to conduct and carry on the real estate and real estate enabled business. The company reported a turnover of Rs 16 lakh in the financial year ended 31 March 2022. Sahil Vachani, MD & CEO of MaxVIL said, ?This acquisition marks our entry into Gurugram, a key market for Commercial Real Estate (CRE) both within Delhi&8208;NCR and pan&8208;India. The transaction will further diversify the geographic footprint of our CRE Portfolio and aid our aspiration of becoming a leading player in the Delhi&8208;NCR. The underlying land islocated on the main Golf Course Extension Road, which has emerged as a key destination for leading domestic and multi&8208;national players looking for office space in Delhi&8208;NCR. As we scale, our focus will be on strengthening organization capacity and capability to drive seamless execution across both Commercial and Residential opportunities and, in turn unlock multi&8208; fold value for all our stakeholders.? MaxVIL, a part of Max Group, owns and operates a real estate business through its 100% subsidiary, Max Estates. MaxVIL also has a real estate services & management company – Max Asset Services. On a consolidated basis, net profit of MaxVIL declined 73.3% to Rs 6.29 crore on a 91.4% decrease in net sales to Rs 33.55 crore in Q1 FY23 over Q1 FY22. Powered by Capital Market – Live News