The acquisition of the remainder of the equity stake will be completed by February next year.
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Max Ventures and Industries said on Friday that its wholly-owned subsidiary Max Estates has acquired 97.5 percent stake in Acreage Builders at an enterprise value of Rs 322.50 crore.
Post this acquisition, Acreage Builders has become a step-down subsidiary of Max Estates.
Acquisition of the remaining equity stake will be completed by February next year.
Max Ventures said that the rationale behind acquiring Acreage Builders is to use its 6.24 acres of land with a license to develop a commercial project at the Golf Course Extension Road in Gurugram.
The potential leasable area of the commercial project is approximately 1.6 million square feet.
Max Ventures and Industries earlier told CNBC-TV18 that it is not expecting any impact on demand for office spaces due to high interest rates. MD & CEO Sahil Vachani said that the company is targeting volume of 1.5 million square feet in the residential segment.