Reliance Capital Partners, a part of the Anil Dhirubhai Ambani Group, has invested Rs 45 crore to take a 14.55% stake in Maxwell Industries, the maker of VIP and Lovable brands of innerwears.The investment was made at Rs 31.65 per share pegging the valuation of the company at over Rs 300 crore. The acquisition was done through preferential allotment of equity and optionally convertible preference shares. In a conslidation move, Maxwell had purchased the manufacturing assets of group companies Hybo Hindustan and Gomma Industries. It had also merged two other group companies with itself - Microtex India, which manufactures the Live-in brand of apparels, and Lovable Lingerie, the maker of Lovable and Daisy Dee brands. Post-consolidation, the group's 40 brands will come under Maxwell's fold.The funds raised through the Reliance placement would be used for the company's Rs 250 crore expansion plan. This includes increase of production capacity, international brand launches and export outsourcing projects.The Maxwell Group reported a turnover of Rs 260 crore in the last financial year with a net profit of Rs 18 crore.
