New Delhi: The board of directors of Max India has approved full divestment of Max Pharma, its wholly-owned division, to Jubilant Organosys, formerly Vam Organics. The transaction is valued at Rs 62.20 crore.
Max India chairman Analjit Singh says the divestment in Max Pharma is in continuation of the companys restructuring process that serves its paradigm shift in favour of the services sector. "The move will allow the company to focus more closely on large businesses of healthcare and life insurance."
The decision is driven purely by Max Indias overall strategic imperatives and does not reflect on the companys profitability or performance, he said. "Max Indias restructuring programme had resulted in divestment of the companys interests in businesses like Max Atotech, Max GB and more recently Avnet Max."
A company release says Jubilant Organosys is the largest manufacturer of speciality chemicals in India and a leading manufacturer of acetyl products, pyridines and pyridines derivatives, fine chemicals, animal feed additives and a number of other chemicals.