Insurance and hospitals group Max India is looking to divest its polypropylene business for an enterprise value of about Rs 800 crore as part of plans to exit its non-core business, a newspaper reported on Monday.
The Delhi-based company is in advanced negotiations with at least two overseas firms in Europe and the United States to sell its polypropylene films business, the newspaper said, citing two unnamed company officials.
"The transaction is expected to close sometime this quarter," it said, citing one official.
The polypropylene business is expected to have contributed about Rs 700 crore in revenue in the year ended March 31, the report said.
Max India's spokesperson declined to comment to the newspaper, while Reuters could not immediately reach company officials.