Page 55 - Plastics News February 2017

Business NEWS
Japan's Toppan picks up 49% stake in Max Speciality Films for Rs 200 cr
The $ 6.8 billion Japan-based Toppan Printing Co Ltd
will acquire 49 pecent stake in the New Delhi-based
Max Speciality Films (MSF), the flagship manufacturing
business of Max Ventures and Industries Limited (MaxVIL),
for Rs 200 crore. The new partnership with Toppan, a
multinational corporation with interests in information
& communication, living & industry, and electronics, will
help strengthen the speciality films business and serve
as a testimony of MaxVIL’s commitment to expanding its
manufacturing business.
Analjit Singh, founder
& chairman emeritus
of the Max Group
and chairman of
MaxVIL said, “We are
delighted to welcome
Toppan to an already
illustrious set of joint (GoAP) for setting up Rs 40,000 crore petrochemical
venture partners in
the Max Group, which
includes Japan-based
Mitsui Sumitomo Insurance, South Africa’s Life Healthcare
and Bupa Finance from the UK. I am confident that their
partnership and strategic support will play an instrumental
role in setting MSF’s future growth trajectory. We have
worked successfully with Japanese companies and are most
pleased to continue our friendship with Japan.” Toppan,
which is a large global buyer of BOPP products (MSF’s key
offering), will also serve as a customer of MSF. As part of
the partnership, Toppan will invest approximately Rs 200
crore, through a combination of primary and secondary
share issuance. The investment by Toppan is subject to
customary closing conditions, including but not limited
to shareholder or other approval(s). MSF has undertaken
key expansion efforts in the past 12-18 months. The MSF
board last year approved an investment of Rs 250 crore
to set-up its fifth BOPP line, which will help augment
production capacity by a significant 60 percent to over
70,000 tonnes per annum. A substantial portion of the
proceeds from this transaction will be utilised for MSF’s
on-going capacity expansion. The transaction will also
result in MaxVIL’s treasury corpus growing to Rs 290 crore,
including the expected capital infusion of Rs 148 crore
from the New York Life subsidiary and MaxVIL promoters,
announced in January 2017.
Shingo Kaneko, president & representative director of
ToppanPrinting Co Ltd, said, “We see enormous opportunity
in India and in this business specifically. MSF has emerged
as a front-runner in their unwavering commitment towards
R&D and constantly innovating and upgrading technology
to stay at the top of the leader-board across a wide field
of applications from labelling to flexible packaging.
HPCL, GAIL sign pact with
Government of Andhra Pradesh
for petrcochem
Hindustan Petroleum Corporation Limited (HPCL)
and Gas Authority of India Limited (GAIL) signed
a pact with the Government of Andhra Pradesh
plant in the state. The decision came in the two-day
Confederation of Indian Industry (CII) Investment
Summit in Visakhapatnam. Both oil companies will
be working together with Govt of AP for proposed
greenfield standalone petrochemical complex in Andhra
Pradesh. The 50:50 joint venture will set up a 1.5 mln
ton ethylene derivative plant. The newly established
plant will produce a wide range of petrochemical raw
materials for the manufacture of detergents, paints,
coatings, Cosmetics, textiles and adhesives. The plant
is likely to be set up at the petroleum, chemical
and petrochemicals investment region (PCPIR) sites
identified by the state government at Kakinada.
55 F e b r u a r y 2 0 1 7 | Plastics News