New Delhi, Aug 15: Max India has sold 24 per cent stake in the 50:50 penicillin-based bulk pharmaceutical joint venture Max GB to the foreign partner Dutch giant DSM for Rs 26 crore.With this sale, Max's stake in the JV has been diluted to 26 per cent, and Gist Brocades (GB), which is now part of DSM, takes management control by becoming the 74 per cent stake holder in Max GB, a senior Max India official said here today."Given Max's changing focus - where the future growth engines are expected to be information technology, healthcare and insurance, but no longer the bulk pharmaceuticals business, we have decided to reduce our holding in Max GB from the current level of 50 per cent to 26 per cent," Managing Director of Max India Vivek Jetley told PTI here.He said as a result of this decision, Max is expected to receive Rs 26 crore in the second quarter of fiscal 2000-01. While denying any immediate plans to offload the remaining 26 per cent too in the partner's favour, Jetley said this route could be considered some time later, if the group needed money to invest in its various other upcoming ventures."We've completed this phase of disinvestment and further disinvestment is not on the cards right now," he said.
