Max India has announced the sale of its biaxially oriented polypropylene (BOPP) film unit Max Speciality Films (MSF) to Treofan, a German global developer of BOPP film for Rs5.4bn ($97m).
Max India managing director Rahul Khosla said the access to global customers through the new parent Treofan will elevate MSF business to the growth trajectory.
"For Max India, this divesture will allow us to focus on our synergistic service focused businesses of life and the additional funds will provide us several options to invest in our growth," Khosla said.
MSF develops and manufactures specialty BOPP films including multilayer white opaque films, ultra high barrier metalized plain films and leather finishing foils for food packaging, overwrapping, consumer products, labels and textile industries.
Treofan develops and sells BOPP films in over 90 countries around the world and has production facilities in Europe and the Americas.