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real estate | IST

Intend to expand commercial real estate business: Max Ventures

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Max Ventures is buzzing in trade. The stock jumped over 30 percent in the last three months and is currently trading at around Rs 75.55 on the NSE. The company’s EBITDA doubled year-on-year in FY21. Apart from that, on June 17, its promoter sold 10 percent stake in the company to Siva Enterprises. Sahil Vachani, Managing Director and CEO at Max Ventures & Industries, discussed the recent developments with CNBC-TV18.

Max Ventures is buzzing in trade. The stock jumped over 30 percent in the last three months and is currently trading at around Rs 75.55 on the NSE. The company’s EBITDA doubled year-on-year in FY21. Apart from that, on June 17, its promoter sold 10 percent stake in the company to Siva Enterprises. Sahil Vachani, Managing Director and CEO at Max Ventures & Industries, discussed the recent developments with CNBC-TV18.
On stake sales, Vachani said, “There has been a change in 10 percent shareholding in Max Ventures within the promoter group to an entity that is owned by wife Tara and myself. This is part of Mr. Analjit Singh's clear succession plan.”
On real estate, he said, “We have done three projects in the commercial real estate space across Max Towers, Max House Okhla and the third project, which is under development is Max Square. The three of them in total make it about 1.2 million square feet, spread out between Delhi and Noida.”
He added, “Our first development - Max Towers is fully ready. The second project has also been completed and we are now in the process of leasing that out. The third project is in Noida which is under construction. Our intent is to continue growing the commercial real estate portfolio and in addition to that, also start the residential business.”
On new expansion, Vachani said, “We are looking at growing our commercial footprint and we hope to sign up a deal in Gurugram to be able to build an office development in FY22.”
On funding new residential projects, he said, “Funding will be through internal accruals, combination of equity that we have and also some debt.”
For full management commentary, watch the video.