max ventures and industries ltd. · specialty polymer (bopp) films for flexible packaging...
TRANSCRIPT
Max Ventures and Industries Ltd.
1
19th September 2017
The road to 3rd trillion
2
0.0
0.5
1.0
1.5
2.0
2.5
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
India's GDP (1960-to date)
In U
S$
tri
llio
n
Source: World Bank Data
The first trillion (1947-2007)
The second trillion (2007-2014)
The third trillion (2014 onwards)
Economic
liberalization
1991
• Transition of an independent India from a “socialist” to
a “free market” economy
• Economic reforms in 1991: Liberalization, privatization,
globalization & expansion of service sector
• Increased consumer choices & raised standard of
living
• Reduced poverty significantly
• The rise of the Indian consuming
class
• Effect of economic reforms
• Rise in household income
• Opportunities in sectors that served
the needs of India’s new
consuming class
1Tn$
2007
2Tn$
2014
• What are the opportunities that
exist here?
Our businesses in this journey
3
0.0
0.5
1.0
1.5
2.0
2.5
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015
India's GDP (1960-to date)
In U
S$
tri
llio
n
Source: World Bank Data
The early years (1982-2000)
The second wave of Max (2000-2016)
The third wave of Max (2016 onwards)
Economic
liberalization
1991
Ventured into “business of life” and IT sector in 2000
• Max Life Insurance (Life Insurance) with NY Life,
later with Mitsui Sumitomo. Other financial partners -
Goldman Sachs , KKR, Warburg Pincus & Others
• Max Bupa (Health Insurance) with Bupa Finance
• Max Healthcare with Life Healthcare
• Antara Senior Living
1Tn$
2007
2Tn$
2014
• Max India founded in 1982
• Entered into Manufacturing sector
- Pharmaceutical: chemical compound for Penicillin
- Packaging Films: Max Speciality Films
• Post economic liberalization, ventured into Telecom sector
- Paging Services: Tie-up with Motorola
- Cellular services: Max Touch, JV with
Hutchison Whampoa
• The wider world of business with
MVIL
• Experience and knowledge of the
group, fueled by the energy of a
young and focused management
Inception of
Max Group
Leveraging the third trillion in MVIL
“...we are calling it an opportunity to address WWOB—wider world
of business, which means that today if somebody comes to us and
says, have you thought of this and that, and, we can say, yes let
us talk. Earlier, we did not do it, because we did not want to get
distracted (from our core business).”
Analjit Singh, Chairman, MVIL
4Source: Mint E Newspaper
MVIL VISION
To address the wider world of business opportunities in India and abroad with fresh standards of
entrepreneurial excellence.
MVIL MISSION
• Deliver sustainable growth and profitability through entrepreneurial initiatives.
• Tap ‘Make in India’ opportunities with a diverse portfolio of product and services linked to
India and International markets.
• Maintain cutting edge standards of governance.
Opportunities in India’s third trillion & Our businesses
5
Trust deficit in the real estate sector, introduction of regulations & rise of “Smart
Cities”: A “low trust low investment” scenario has been present in the Indian real estate
sector as the state is unable to protect interests of real estate buyers. Max Estates will bring
in high quality office spaces and homes through “an asset light” model into this trust deficit
environment.
An evolution of ideals of education in a child-centric country with global aspirations:
Max Learning will set up schools that aspire, “To create citizens who are humane, sensitive
to environment, mindful, secular, cosmopolitan & are responsible citizens, acting as agents
of positive change in a world that is increasingly getting intolerant, insular and restive.”
The evolving demographic of India & rise of “Start up India” : Among other things, India
has the largest population of “digital natives” anywhere in the world ever who want to enjoy a
lifestyle the generations before never could. The rise of women as income earners in the
Indian Household opens up opportunities for products and services aimed at their new
lifestyle. Our Investment vertical will look for and grow attractive opportunities by leveraging
Max Groups domain knowledge, network & credibility in:
• Healthcare
• Fintech
• F&B Services
• Hospitality
• Education
• Real Estate
• Business Intelligence Service
• Co Working
Increase in conspicuous value consumption & rise of “Make In India”: As a large part
of the Indian consuming class moves from loose commodities to packaged & branded
goods, the per capita consumption of packaging will grow to benefit Max Specialty Films.
MVIL was formed as
the Group’s
entrepreneurial arm
to focus on new
growth opportunitiesLife Insurance
Business
Health & Allied
Business
Manufacturing
& Other
Businesses
Max Group – Overview
Promoter holdings in Max Group holding companies
Holding
Companies
Operating
Companies
30.4% 41.1% 38.21%
70%
49.7%
51%
100%
51%
100%
100%
100%
Group CSR
Arm
25%
49.7%49%
Note: Axis owns the remaining 5%
shareholding in Max Life Insurance 49%
In January 2016, Max India concluded its de-merger of existing businesses into three separate entities –
Max Financial Services Limited, Max India Limited and Max Ventures and Industries Limited
Market Cap: $2,488 mn
FY17 Sales.: $2,369 mn
Market Cap: $613 mn
FY17 Sales.: $222 mn
Market Cap: $93 mn
FY17 Sales.: $102 mn21.43%
6
Corporate Structure at Max Ventures and Industries Ltd.
Established in 1988, manufactures niche & high barrier
specialty polymer (BOPP) films for flexible packaging
applications.
Established in 2016, is the real estate arm of the Max
Group, offers spaces for residential and commercial use
with the utmost attention to detail, design and lifestyle.
A fully owned special purpose vehicle, will facilitate
Intellectual & Financial Capital to promising and proven
early-stage organizations across identified sunrise sectors.
Max Ventures and Industries Limited (MVIL) is the holding company for Max
Speciality Films, an innovation leader in the Speciality Packaging Films
business. In addition to manufacturing, the Company also serves as the
Group’s entrepreneurial arm to explore the ‘wider world of business’, especially
taking cues from the economic and commercial reforms agenda of the present
Government and the positive initiatives of the Prime Minister, including ‘Make in
India’, ‘Skill India’, ‘Digital India’, among others.
7
Establishing international curriculum day and residential
schools in the National Capital Region and across north
India. The schools will be academically rigorous with a
strong ethos rooted in world class facilities, spirituality and
secular ethics, and will have highly professional faculty led
by eminent and internationally experienced educationists.
100%
100%
51%
100%
Shareholding Pattern
As on June 30, 2017
8
Promoters38.2%
New York Life21.4%
Mutual Funds2.1%
FPI/FII2.8%
Others35.4% Sharehodling pattern %
Promoters 38.21%
New York Life 21.43%
Mutual Funds 2.09%
FPI/FII 2.83%
Others 35.44%
9
Our Businesses
Max Speciality Films - An Overview
Key Financials
• Established in 1988 and based in Noida (near Delhi), Max Speciality Films (MSFL)
manufactures niche & high barrier specialty polymer (BOPP) films for flexible packaging
applications
− Unmetallized, Metallized, Extrusion coating (Thermal ) & Coated Films
• Products find application in packaging, labelling and graphic lamination
• Caters to segments such as Food & Beverage, Non-Food FMCG, Industrial Goods and
Graphic Arts Printing
− Food industry accounts for ~66% of MSFL’s revenues
− Pioneer in introduction of value added products/ technology in India (value
added products contribute c.55-65% of overall revenues)
• Manufacturing Facilities: Has a plant located in Nawanshahr, Punjab (Near Chandigarh)
with BOPP Films capacity of 45,300 TPA. Key machinery:
Product Portfolio and Applications
• Network: 2 marketing offices located in Noida and Mumbai (Maharashtra)
• R&D and QA: MSFL’s QA lab is the first lab in packaging industry to get the coveted
NABL accreditation, and only the 2nd BOPP specialist to have attained BRC
accreditation
− Launched 52 new products over FY14 – FY16
− New products expected to contribute c.16% to FY16E revenues
− Exports: Exports to USA, Europe, Japan, Middle East etc. (~35% of revenue)
Introduction
Food Packaging
• Biscuits & Bakery
• Cereals
• Confectionary/ Candy/Ice-cream
• Snacks, Vegetables, Fruits
• Cable overwrap/insulation
• Release films
• Labels
Industrial Packaging
• Release
• Cable Insulation
• Labels
• Metalized
• Overwrap
Non-food Packaging
• Home & Personal Care
• I.V. Fluids
• Textile
• Tobacco
Graphics
• Thermal Lamination Films
• Wet Lamination Films
• Books/Magazine/Note Books
Covers, Calendars
• Photo Album, Visiting Cards
• Menu Cards, Diaries, Banners
Products
Application
• Plain •
• Coextruded •
• Pigmented
Metalized
Overwrap
− 3 BOPP Lines
− 4 Metallizer Lines
− 2 Extrusion Coating Lines
− 3 Coating Lines
Note: 1 USD = INR 67
US$ mn
11
FY16 FY17
Operating Revenue 105 98
EBITDA (Ex-Other Income) 10 7
% Margin 9% 7%
Profit After Tax 3 1
% Margin 3% 1%
Indian demand grows by almost 35 KTA per annum, 1.5 new BOPP line every year
12Source: AMI report, MSFL research
TPA
Inc
rea
sin
g V
alu
e A
dd
itio
n
BOPP (Non Specialty)
Thermal Films
Coated
Films
BOPP Specialty
9%
13%
8%
12%
BOPP Non Speciality
BOPP Speciality
Thermal
Coated
CAGR % FY’16- FY’18
2,40,000
51,000
7,500
7,500
BOPP (NS)
BOPP (S)
Thermal
Coating
Consumption in FY'16: 306,000 TPA Overall CAGR: 11%
KEY GROWTH DRIVERS - INDIA
• Annual growth in disposable income ~ 11% driving
household consumption
• Processing of agricultural produce to increase to 25% by
2025 from 11% currently
• Changes in consumer tastes & preferences (processed/
ready-to-eat food penetration)
• Increasing prominence of organised and online retailing
• Product safety (rising hygiene standards, anti counterfeiting,
tamper proof, etc.)
• Movement of unpackaged goods (fruits, vegetables, staples
& meals) into packaged category
• Packaging has become an integral component of marketing
Max Speciality Films: Industry Overview
• Global BOPP(Bi-axially oriented polypopylene) films
market stands at 7,800 KTPA which translates to USD
23,000 Mn and is expected to grow at 5% p.a.
• Indian BOPP Films market stands at USD 1,500 Mn
(460k MTPA) and is expected to grow at 11% annually.
- Domestic consumption ~ 350k MTPA
- Export Consumption ~ 110k MTPA
• Biggest region with about 38% of worldwide consumption
is China, followed by W. Europe ~ 12% and N. America ~
10%. Indian subcontinent is about ~ 5%
Notes: 1) After accounting for one time write down of old inventories worth US$
0.41 Mn
2) After accounting for one time Loss on Fixed assets US$ 0.43 Mn &
VRS US$ 0.49 Mn
3) Above Financials excludes corp. allocation exp. US$ 0.74 Mn in FY16
& US$ 1.07 Mn in FY17
Max Speciality Films: Current Position
13
• Fourth largest player in the country with a current capacity to produce 45 KTPA of BOPP Films. With the
planned new line, the capacity will go up to 75 KTPA by FY18, to make MSFL 3rd largest
• 1/3rd of the revenue is generated from the international markets
• Has the highest Gross Contribution Margins in the industry ~ 30%
• Strong R&D capability, India's 1st NABL accredited and DSIR approved lab in flexible packaging industry
• Strong relationships with converters & brands built over 20 years
• Leader in product innovation and commercialization with over 15 applications being developed every
yearly
• Winner of Golden Peacock, India Star and World Star awards in product innovation
• Winner of all three, India Star, Asia Star and World Star in 2016 for product innovation
Max Speciality Films - Key Milestones
• For the first time in India, MSFL produced metallized & transparent
film utilized for high-speed packaging
• Commissioned a high-tech metallizer from Applied Films with
plasma treatment
• Launched high barrier metallized film
• Commenced production of 50 micron white opaque film utilized in
digital printing
1990-95
• In 2001, won the Golden Peacock award for
thick coated products under the ‘Golden
Peacock Innovative Product/ Service Award’
• Acquired film orders for world’s two largest
confectionery manufacturers - Nestle & Wrigley
(previously - Joy Co.)
• P&G International approved MSFL film for
usage across its products globally
• Won a Safety Award from the Punjab
Government for 3 years continuously from
2002-05
• Commenced production of high barrier
metallised film for sandwich lamination
• In 2011, commissioned BOPP Line 4 (22,000 TPA) in a
record timeframe of 13 months
• Indian Packaging Association conferred India star
award 3 times for 6 different products
• World star award 3 times, most recently in 2016
Innovative and Packaging design category for Anti Skid
film
• In 2011, Conferred the Golden Peacock Innovative
product award for creating a mono BOPP layer
recyclable pack for Cadbury Gems, which is lighter and
more energy & emission efficient
• Company received NABL certification and BRC
accreditation
• Toppan Printing Co. Ltd invested in Max Speciality
Films and holds 49% equity in the business
1996-00 2005-10
2001-05 2011-16
• Commenced operations on March 15, 1990
with an initial BOPP installed capacity of 3,150
TPA
• India’s first producer of Matt finished film
developed utilizing in-house technology
• Commenced exports to Europe’s largest print
finisher
• India’s first Company to develop a metallised
base film for sandwich lamination
• India’s first BOPP film business to obtain an
International Organization for Standardization
(ISO) certification in 1995
• Enhanced Line-I efficiency by 20% with no
significant additional investments
• 1st company in India to commence production of
BOPP metallized film
• Developed overwrap film for ITC Ltd., a leading
Indian conglomerate with a market cap of US$ 38
bn
14
Product Applications Overview
post-harvest
damage-free
• BOPP films offer advantages like
conservation, nutrient preservation,
distribution, shelf appeal
• Caters to segments like foods, confectionery, non-
consumer goods (FMCG) orfood fast moving
industrial goods
• Product Range
− Promax (Standard Range)
o Transparent (Heat /Non-Heat Sealable)
o Metalized
o Basic Overwraps & Cable Overwraps
o Solid White (For Biscuits/Confectionary)
o
White Cavitated (For Biscuits,
Confectionary, Ice-creams etc.)
− Maximus (Value-Added Products)
o Sealing Reliability (wide sealing range)
o Barrier Technology (ultra-high oxygen
barrier, an alternative to Aluminum foil)
o Functional Coatings
o Special Surfaces
o
Shrink Tightening (for wrinkle free
appearance)
o Multifunctional (Anti Fog/Lap Seal)
o Haptics & Optics (Matt Finish, Paper like
appearance)
o Low Density and Ox-Degradable Wraps)
• The films add shelf appeal and offer cost advantage in
the labeling of bottles, jars and other packaging
containers
• Product Range
− Wrap Around (For labelling of beverage
containers)
o White Cavitated
o Transparent
o Metalized Cavitated
− In-Mould (Suitable for injection-moulded cups, tubs
and other similar containers)
o Transparent
o White Cavitated with Orange Peel
− Pressure Sensitive (For contoured and
squeezable containers)
Sideo White Cavitated (Un-Coated/One
Matt)
o Transparent Uncoated
o Metalized Uncoated
o
o White Cavitated Top Coated/One Side Matt
Metalized Top Coated
• Thermal lamination films made specifically for graphic
lamination application – from magazine covers to
displays
• Product Range
− Elite (Valued Added Products)
o BOPP based lamination films available in
Gloss, Matt, Silk Scuff-Free, Linen and
Metallic finish
o PET based lamination films in Holographic
(Transparent/Metalized), Gold Metalized,
Gluable and Stampable variants
− Classic/Traditional Products
o BOPP based Matt/Gloss finish films
o PET based films specially for
encapsulation application
Packaging Films Label Films Graphic Lamination Films
15
16
Max Estates
Max Estates Limited: Overview and Key Differentiators
17
Overview Max Estates is the real estate development subsidiary of Max Ventures and Industries Limited
(MVIL), with access to the Sponsor’s arm of ~10 Mn sq.ft of captive land bank in North India
across the residential, commercial and institutional segments
Founding
PhilosophyThe Vision of Max Estates is to bring the Max Group’s values of Sevabhav, Excellence and
Credibility to the Indian real estate sector, therein addressing the space in the market today for
a credible, transparent and trustworthy developer
Uniquely
qualifiedMax Estates has a distinct advantage relative to other large developers in North India:
1.Comprised of a team with a proven track record of execution of landmark projects across
hospitality, institutional, senior living and manufacturing sector
2.Ability to collaborate with other Max Group entities which are established leaders in
healthcare, hospitality and senior living sector.
3.Max Estates enjoys access to a captive land bank, located within the most prime
locations of National Capital Region
Corporate
GovernanceBeing part of a listed Max Group entity (MVIL), Max Estates will implement the same standard
of governance and reporting as practiced by all Max Group entities to create a key
differentiator as compared to other unlisted real estate developers.
Max Estates: Industry Overview
Source: IBEF 18
Real estate: a fast growing sector with positive long term
prospects
Long term prospects for the growth of the sector remain
positive:
• Continues to remain a preferred investment option for
Indian – 30% of total savings invested in real estate
• Increasing trend in urbanization and moving to an
organized market is being witnessed across the country
• Rising income levels on the back of a strong economy is
booming the demand for homes and better grade offices
• By 2028, India’s real estate market size is expected to
reach US$ 853,000 Mn increasing from US$ 126,000 Mn in
2015 at a CAGR of 15.28%
Encouraging Indian real estate investment market
• Foreign PE investments in Indian realty increased at a
CAGR of 33 per cent to US$ 2,220 million by Dec 2015
• Increasing deal sizes in 2015 for both luxury & affordable
segment in residential projects
• As per Department of Industrial Policy and Promotion, the
construction development sector in India has received
Foreign Direct Investment equity inflows to the tune of US$
24,190 Mn in the period April 2000-March 2016
• International investors including sovereign wealth funds and
pension funds (CPPIB, PGGM, ADIA) are gradually
increasing their penetration in Indian real estate market –
primarily focused towards corporate players with strong
corporate governance and track record
Key Drivers:
Increasing transparency & enablers: Judicial actions,
demonetisation, RERA (real estate regulation act) in FY17 inspire
confidence by offering protection to real estate buyers
Smart Cities: Technologically driven development with improved
infrastructure leading to high livability quotient will drive positive growth in capital and rental values
Affordable Housing: Envisages development of ~110 million
housing units across the nation with potential business opportunity of USD11,800 Mn for developers
Changing lifestyle & design awareness: Consumers now have
a higher design sensitivity & intolerance to poor environmental
factors like pollution, traffic congestion & lack of green spaces
Residential
REIT potential: REITs present a large opportunity in the Indian real
estate market for PE funds. Blackstone has emerged as single
largest commercial operator in India (30 mn sq.ft across 16 office
parks)
Strong return matrix: Commercial assets in India have consistently delivered higher yield than residential sector, typically
ranging from 7-12%
Rising Net Absorption :
38.4 Mn sq. ft. of Grade A space to be built in 2016, of which 33 Mn sq. ft. is likely to be leased. 36.2
Mn sq. ft. of office space absorbed last year, highest office space absorption was 37 Mn sq.ft.
in 2011
Grade A commercial spaces: India currently has investment-grade office space of more than
495 Mn sq. ft. across top 7 cities. Another 90-100 Mn sq. ft. of space
lined up for completion over the next 3-4 years.
Commercial
19
Max Estates: Development Expertise
Max Hospital,
Saket
Vana Retreats,
Dehradun
Antara Senior Living,
Dehradun
The team associated with various real estate activities (land acquisition, design, construction and project
management) for Max Group entities are now housed under Max Estates
Max Estates has assembled a proven execution team of architects, project managers, MEP and Civil specialists, having
executed over 4 Mn sq. ft. of landmark projects across the hospitality, institutional, senior living and manufacturing sector
Healthcare Projects
Team with design and
execution expertise in
healthcare projects.
Projects include Max
Healthcare,
a chain of super
specialty hospitals
known for setting up
unparalleled
standards of service
excellence in Indian
healthcare sector
The group has
designed,
conceptualized and
executed one of the
most inspiring
wellness destination
within India – Vana
Retreats. The
development
comprise 89 keys
with ~ 0.4 Mn sq. ft.
Leeu Collection,
executed and
operated by the
Group presently
comprises 3 five star
properties with 50
Keys spread over 170
acres with ~ 0.04 Mn
sq. ft. of BUA in
Franschhoek region
in Cape Province,
South Africa
India’s first integrated
luxury senior living
community – Antara
Senior Living is spread
over 13.6 acres, located
in Dehradun. Project
management &
development for
proposed 195 units
encompassing 0.8 Mn
sq. ft. BUA has been
taken care in-house
Senior Living Hospitality Projects Manufacturing
Pioneers in
developing USFDA
approved factories in
India (in collaboration
with Toyo Jozo,
Japan) spread across
20 acres and
successfully executed
manufacturing
facilities for Max
Speciality Films
Leeu House,
S.Africa
Max Speciality Films,
Chandigarh
Max Estates: Current Project Portfolio
20
Max Estates’ current project portfolio comprises of ~0.8 Mn. sq. ft. to be delivered by 2019 across the residential
and commercial segments
Residential
Spread across 5 acres, 222 Rajpur is
a luxury gated community offering a
limited inventory of 21 residences
located on the most exclusive location
within Dehradun
Commercial
222 Rajpur Max Towers Max House: Okhla
0.6 million sq. ft., 21 storey
luxury tower designed by
Gensler with LEED Platinum
certification located in Noida,
Delhi NCR
Re-development of commercial
campus located within South
Delhi, comprising ~ 100K sq. ft.
for Block A
Delhi One Complex - Overview
▪ Max Towers is located within Delhi One, a
mixed-use luxury development by The 3C
Company, executed by construction partner
L&T
▪ Delhi One is located on the edge of South
Delhi and will compete with prime CBD
▪ Delhi One is comprised of 9 towers spread
across 12.5 acres; the total development
spans ~4 million sq. ft and contains the
following:
o Max Towers
o 4 Commercial Towers
o 3 Residential Towers
o Four Seasons Hotel
o ~0.4 million sq ft of Luxury Retail
▪ Max Towers is the ‘Epicenter’ of Delhi One
Integrated Project
o Abutting Hotel
o Maximum frontage on DND Flyway
o Separate access/entry
21
Project Concept - State of the art complex partnering with the
World’s Best
Commercial
Office 2
Towers
MAX
TowersCommercial
Office 2 Towers
9 towers spans
across 12.5 Acres
including Premium
Office spaces,
Hotel &
Residences and
Retail space for
luxury brands
Hotel
Residential Tower 1
Residential Tower 2
Residential Tower 3
22
Unmatched Project Concept
Delhi One will cater to super luxury Leisure, hospitality, entertainment, offices and domicile in one complex23
Connectivity & Accessibility
▪ Located in Sector 16A, project site commands
direct access and large frontage on DND Flyway
(8-Lane wide)
▪ DND flyway, which abuts project site, connects
the same with Delhi Ring Road, and provides
superior accessibility to most affluent South
Delhi and business hub of central Delhi
▪ Site is incredibly connected by both road (DND
flyway) and Metro connectivity (closest metro
station in 5 min walk – Sector 16 Metro Station)
▪ Connectivity:
- Sector 16 Metro Station 0.5km
- Connaught Place, Delhi 14km
- New Delhi railway station 15km
- IGI international airport 27km
- South Delhi 15km
- Noida city centre 08km
Delhi One
Sector 16 Metro
Station
Sector 15 Metro
Station
24
Resurrection Plan - Max Towers as separate & specific entity within
Delhi One Project
▪ Following key achievements have been attained so
far for completion of Max Towers :-
o Max Towers now being treated as a separate &
specific entity within entire Delhi-One project –
with clear entry /access from Highway & its own
supporting support infrastructure
o MEL undertaking the entire construction activity
and executing it through main RCC building
contractor: L&T, for over 15 months; construction
for RCC building now 95% completed
o MEL devised entire cauterization plan of Max
Towers – Application already approved by
Noida Authority
o MEL championed the Land Sublease (from
Noida) of Max Towers along with other adjacent
Tower A (in the whole Delhi-One complex),
enabling ease of obtaining Completion Certificate,
for each Tower independently, on being ready
(Ready to occupy /possess office tower by Sept
2018)
Cauterisation of Max Towers with superior access
benefits directly from DND Flyway
Block A, C & D is cauterized and will be
completed directly
At present, 4 out of 9 blocks are towards the
completion stage as separate entities and
would be operational by next year.
25
Max Towers- Project Summary
▪ Max Towers is a luxury commercial tower located in the Delhi
One complex, Noida
▪ 0.6 million sq. ft., 21 storey luxury tower designed by Gensler
and Esteva I Esteva (an architecture firm based in Spain) with
LEED Platinum certification
▪ Located on the edge of South Delhi - Noida (directly connected
through DND Flyway – 8 Lane main road)
▪ The tower will be managed by Max Estates Limited, extending
the Max Group’s underlying core values towards all aspects for
the tenants of the building
▪ Construction of Max Towers is in full swing:
o Construction being done by L&T & already civil
construction completed (21 storey tower)
o Tower commissioning by April 2019
▪ Max Group will be the anchor tenants for the tower, with 20%
of executive floors already absorbed
26
Max Towers Concept: Hospitality end of premium office space
Facility/Amenity Core
Premium Office Spaces
Coworking Hub
Wellness Zone
Event/Entertainment Zone
| Café | Business Centre | Executive Dining | Cafeteria | Specialty Stores | F&B |
| LEED rated Executive Offices | Conference Rooms | Livable working spaces | Business Lounge |
| Open Workspaces | Work Pods | Startup Offices | Exhibition/Lounge/Informal Deck
| Spa | Wellness Zone | Spiritual center | Salon | Fitness/Yoga Space |
Designed towards enabling a lively community for multi-
millennial population providing state-of-art curated networking
spaces
| Banqueting/Performance Space | Networking/Event Spaces | Auditorium
27
222 Rajpur, Dehradun (Luxury Residential)
• Project Brief: Spread across 5 acres, 222 Rajpur is a
luxury residential gated community offering a limited
inventory of 22 residences
• Project offers high-design residences abutting the Malsi
Reserve Forest and oriented to panoramic views of the
Mussoorie Hills
• 222 Rajpur offers a calm and soulful retreat on the most
exclusive residential location in Dehradun
• Gated community with exclusive Villa (8 Units),
Townhouses (14 Units).
• Current Status: Construction and site development
activities in progress:
- Site Marketing Office is in place and operational
- Sample Villa is fully ready
- Civil Structure of Townhouses (Phase I – 14 Units)
completed
- Phase II of the project (Villas) to be initiated
Project Layout Plan
Townhouse Units
Villa Units
28
222 Rajpur: Project Photos
29
Max House Redevelopment, Delhi (Grade A Commercial)
• Project Brief: Project proposed to be re-
developed as state of art Grade A commercial
office building complex (~200K sq.ft)
accommodating the Max India office and other
third party tenants
• The site is located in one of the prime
development nodes of South Delhi – Okhla and
currently accommodates the corporate offices of
Max Group
• The site possesses superior frontage of 565 ft on
Dr. Jha Marg and located in close proximity
(1kms) from Kalkaji Metro Station
• Redevelopment of the project proposed to
achieve optimized and enhanced space and
infrastructure planning for entire development
Max House site layout plan
30
31
Max Learning
Mission statement- Max Learning Schools
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“Our schools will create citizens who are humane, sensitive to the environment, mindful,
secular, cosmopolitan and responsible and who will act as agents of positive change in a
world that is increasingly intolerant, insular and restive.”
Pedagogy
Spirituality
Design
Max Brand
Faculty +
Professional
development
• A dynamic, eclectic, humanistic curriculum comprising the best international academic programmes of
study, and suffused with and inspired by the philosophies of His Holiness the Dalai Lama, J. Krishnamurthy,
Prayudh Payutto, Dewey, Froebel, Steiner, Piaget, and other eminent educationists and luminaries.
Emphasis on cross-curricular and multi-disciplinary collaborative learning, combined with intellectual rigour
and pursuit of excellent qualifications.
• The Greater Noida “mothership” school will have the blessings of His Holiness The Dalai Lama. A
scholarly centre that will pioneer thought leadership and research into morals, ethics, aspects of divinity
and spirituality will be part of the school complex, and work with it and the teacher training centre on
developing its programmes of secular ethics and spirituality. Pupils will enjoy a strong emphasis on
mindfulness, physical and mental wellbeing and resilience.
• A school within a forest, an ‘oasis’ secluded from the distracting elements of modern life but which
remains pragmatically connected to it. School to be equipped with all modern learning, teaching and co-
curricular facilities that shall seamlessly merge into the forest ambience without being obtrusive. A school
within a tower at Delhi One, with an emphasis on a STEAM curriculum also infused with spirituality. All
schools will have “sacred spaces” for meditation and contemplation.
• Schools pioneered by the Max family of businesses and Mr Analjit Singh in particular would have
immense brand appeal, especially in view of his distinguished record as an educationist, philanthropist
and global ambassador for India. However, the Max Learning schools will have a distinctive brand of their
own. Discussions have begun with branding specialists.
Spirituality
Faculty +
Professional
development
• Outstanding faculty will be crucial to the achievement of the mission, goals and philosophy of Max
Learning. A first of its kind continuing professional development (CPD) centre will be established in
Greater Noida to serve the group, where some of the best international educators would be developing
the faculty on an ongoing basis. Discussions have begun, including with Institute of Education in London.
This mission shall be achieved through:
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Education in India: Market Overview
• The education industry (private and government) is estimated to reach US$ 144 billion by 2020 from US$
97.8 billion in 2016
• The schooling segment (pre-school and K-12) covers the largest population segment compared to other
forms of education; it was valued at US$ 40 billion in 2013 and is expected to reach US$ 100 billion by
2020
• Pre-schools are forecast to grow at a CAGR of 15% and K-12 at 14%
• Key Drivers
- Robust demand: Huge demand/supply gap, with a current requirement of additional 200,000 schools
- Competitive advantage: Largest youth population in the world: approximately 500 million in the age
bracket 5 – 24 years, and still growing; upper income strata growing fast; disposable income spend on
education rising
- Increasing investments: In the last 15 years, inflow of US$ 1,256 million as FDI in education sector
- Policy support: 100% FDI allowed in the education sector
Source: Technopak, IBEF
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Education in India: Private Education Sector Overview
• Private education sector was estimated at US$ 95.8 billion in 2015 and is expected to reach US$ 133
billion in 2020F
• Emergence of the un-organised private education sector has opened a door of opportunity for many
corporates
• With increased corporate investment in the sector, the share of private schools in the total of all schools has
increased in the last five years
• There was a 3% increase in the number of private schools in 2014-15 alone, with private schools now
educating 31% of the school-going population
Source: IBEF
20.0% 19.0% 20.0% 20.0% 21.2% 21.5% 22.1% 23.0%
80.0% 81.0% 80.0% 80.0% 78.8% 78.5% 77.9% 77.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2008 2009 2010 2011 2012 2013 2014 2015
Private Government
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Max Learning: Current Position
Mission
Market environment
Unique business
opportunity
Competitive
advantages
Leadership Team
Business stage
• Strong mission, with rigorous academic, moral, ethical, spiritual + co-curricular programmes
being developed
• Highest ambition for, and expectations of, pupils who will graduate from Max Learning schools
• Best demographics for youth/education growth and reform in a major economy in the world
• Most economic growth in India is going to our target market of top percentiles of demography
• Poor/ mediocre quality of education at all levels of schooling, including most of the “best”
private schools
• India has no truly world class quality, all-round primary or secondary schools yet
• Some have strands of quality, best practice, but none is able to match best internationally
• Max Learning schools will give a genuinely whole education with academic rigor not being
sacrificed
• New Max Learning schools will not be standard “international school”/US high school model
• Will have international curriculum and academic benchmarks but will be in and of India
• In-house professional development and quality assurance internationally benchmarked
• Unique design of facilities and campus – state of the art learning spaces in a “sacred grove”/
forest/ “oasis” setting
• Latest pedagogy for 21st century learning skills rooted in universal, humanistic values
• Management team highly experienced in delivering internationally benchmarked education
• Management experienced in strategic planning and delivering educational cultural change
in India
• Drawing board phase now moving to start-up stage
• High dependency on outcome of the regulatory approvals needed for construction and
operations
Vision • Establish international curriculum day and residential schools with a strong ethos rooted in
world class facilities, spirituality and secular ethics , in the NCR and across north India
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Max I.
• Azure Hospitality Pvt. Ltd., established in 2009 by Kabir Suri and Rahul Khanna, is a leading hospitality business
chain offering SE Asian cuisine in a differentiated format
• F&B Sector: The Indian food industry is estimated at USD 100, 000 Mn with organised sector expected to grow by
16% CAGR to USD 28,000 Mn, contributing 35% to the overall market in next 5 years. Rising disposable income,
urbanization and busy consumer lifestyles are the key macro drivers that underpin a 21% market CAGR for the
chained segment within organized sector over the next five years
• Brands: The company currently operates its flagship brand Mamagoto, a mid-scale casual dining restaurant
chain, Dhaba, a brand based on the concept of roadside eateries on the Highways, popular in the North, Speedy
Chow/Roll Maal, a QSR format for Indian/Chinese street food and Catering Services for corporates and
education institutions
• Investment size: US$ 10.5 Mn for 17.87% equity
Max I.: Current Investments - Azure Hospitality-
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Max I.: Future Investments- Nykaa
• Focussed Sector - E-commerce, Beauty and Hygiene products: Estimated market size to reach ~US$17,000
Mn. by 2020, 2/3 of sales (US$11,000 Mn) could be digitally influenced
• Target Business: FSN E-Commerce ventures Pvt. Ltd, an online multi-brand beauty retailer under the brand
name “Nykaa”, derived from the Sanskrit word “Nayaka” that means actress or one in the spotlight
• Founding Members: Falguni Nayar, former managing director of Kotak Mahindra Capital Investment
Banking and her husband Sanjay Nayar, CEO of US buyout giant KKR in 2014
• Investment Merits:
- Creating significant barriers to entry by ring fencing major international brands through exclusive partnerships
- Largest vertical player in online beauty segment in the country
- Pedigree management team with extensive exposure to beauty segment
- Major focus on high gross margin private labels that enable quick breakeven
- Early stage focus on luxury line, in partnership with multinational brands, to boost profitability
• Proposed Investment: US$ 2.6 Mn for 2% equity
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39
Thank You