Maxwell Industries, which owns and markets the VIP brand of undergarments, is undergoing a management change. Set up in 1971 by JK Pathare (chairman) and LJ Reddy (managing director), the company has now seen an amiable exit of the Reddy family as it has divested its stake to the Pathare family.
The Pathares have bought the 31.7 per cent stake held by the Reddys for an approximate valuation of Rs 35 crore. After this buyout, Pathares hold a majority stake of 63 per cent in the company.
As part of the agreement, the Pathares have transferred their share in private companies Microtex India Ltd and Lovable Lingerie Ltd where they held 50 per cent stake to the Reddy family.
Sunil Pathare has been appointed as vice chairman and managing director of the company while his father Jaykumar Pathare will be the chairman. The company has also got a new logo, with the change.
Maxwell is in the process of looking at potential acquisitions, getting a European brand through a joint venture and diversification opportunities.