Delhi-based Max India has agreed to sell its packaging material maker unit Max Speciality Films (MSF) to German-based Treofan in a deal worth Rs 540 crore.

Announcing the deal, the diversified firm said, "Treofan, which develops and sells BOPP films… has offered an enterprise value of Rs 540 crore to acquire 100 per cent stake in Max Speciality Films.”

Max India chairman Analjit Singh said the sold the business so that they could focus on their key portfolio of service oriented businesses of life.

Vodafone Chairman Analjit Singh has been summoned by the enforcement directorate for a hearing with regards to an investigation being conducted under the Prevention of Money Laundering Amendment Act (PMLA) and Foreign Exchange Management Act (FEMA).

The hearing is scheduled for August 31st. Singh is expected to send his authorized representative for the hearing.

A source with direct knowledge of the situation said the summons has directed Singh or his authorized representative to present seven sorts of documents.

Analjit Singh, the new non-executive Chairman of the Indian unit of Vodafone has said Indian business is planning to get listed in the country and will soon come out with an Initial Public Offering (IPO).

He said that the company is still considering the decision but the final decision is yet to be taken on the matter.