"He is an upcoming youngster, we can bat, bowl, can spin the ball well and is a good fielder and Mumbai wanted a young all-rounder. We had thought about a few names and he is one of them," said owner Nita Ambani.
Anil Kumble, mentor of Mumbai Indians, was also excited to have Maxwell in the team.
"For an emerging player it is big. He is an exciting player and a good catch for us. I knew him before he made his debut for Australia. He will be with the Australian team in India for the Test series, so looking forward to challenge," Kumble said.
Mumbai Indians also bought Ricky Ponting for a base price of USD 400,000 (2.1 crore) and Ambani and Kumble said the former Australian captain would be an inspiration for the youngsters in the team.
"We have two cricketing greats Ricky and Sachin and both will be inspiration for youngsters of the team," Ambani said.
"It is nice to have Ponting in the team. He brings in leadership, he has a lot of experience and it will help the Ambati Rayadus and Roht Shamas in the team. It will be a great presence in the dressing room," Kumble said.
Asked if Sachin Tendulkar will regain the captaincy of the Mumbai team, Ambani said, "We have to go back to the drawing board and talk to Sachin. It is going to be Sachin's decision and we will let you know." MORE