NYLIM to invest Rs.290-Cr for 49% stake in Max Estates' SPV

New York Life Insurance Company (NYLIM India) is to invest INR 290 crore for a 49% equity stake in a commercial project of Max Estates' SPV (special purpose vehicle) called Acreage Builders Pvt Ltd (ABPL), which has a license to develop commercial projects over 7.15 acres at Golf Course Extension Road, Gurugram. The total leasable area available after the construction will be 1.6 million sq ft with a revenue potential of INR 160 – 200 crore a year. New York Life holds a 23% in Max Ventures and Industries Ltd, the holding company of the group. It has also picked up a 49% stake in Max Square Phase 1 and Phase 2. The latest deal takes its cumulative commitment in the group to INR 800 crore.