The deal was reportedly worth an enterprise value of Rs 540 crore. When contacted, Max India confirmed the report but said that they “do not have any further comments to add”.

“Within the framework of our new corporate strategy, the focus currently is clearly on successfully restructuring and profitably growing our core businesses in Europe and the Americas,” commented Peter Vanacker, who took over as Treofan CEO in September 2012.

“We are also growing our global presence by establishing an intelligent structure that, in a first phase, will primarily aim at creating strategic cooperation or license agreements with trusted partners. This provides us with the flexibility needed, considering the most recent changes in global BOPP business. Our continued cooperation with Max Specialty Films, of course, forms part of this concept,” says Vanacker. Max India has announced it plans to transfer the Max Specialty Film division into a separate subsidiary.

In September 2012, Max took the decision to divest in consistence with its strategy to a focus on service oriented businesses of life. Max India generated revenues of around Rs 8,200 crore in FY12 across all its businesses, which in addition to Max Specialty Films includes Max Life; Max Healthcare; Max Bupa; Max Neeman; and Antara, a recently announced investment in the senior living business.  

Talking about the decision to divest, Analjit Singh, chairman, Max India had then said, “It was always a tough decision for us to divest the oldest business in our portfolio. MSF has been a well-run business since many years now, a quality leader with a highly competent leadership team and a highly motivated workforce. It was an emotional decision for me personally, but the board and management rightly decided that it made good business sense to focus on our portfolio of service oriented businesses of life."