Magnum Ventures is an Indian conglomerate that has spent more than four decades turning waste into paper and a former industrial plot into one of the region’s most unusual five-star hotels - a vegetarian-only property that doubles as a wedding destination. Founded in 1980 as a paper company and taken over in 1984 by the Jain family, it added the hotel in 2009 to catch the wave of the Commonwealth Games, and has run both businesses ever since with a shared philosophy: invest in hard assets, sweat them for cash, and let the next generation run the front line. That approach - a recycled-paper mill that powers itself and a hotel that sells an experience no competitor can copy - explains why the group is now splitting itself in two, so each half can grow on its own terms. # Business segments Two unrelated businesses sharing a balance sheet - a recycled-paper mill that supplies India’s biggest newspapers and packaging makers, and a 216-room all-vegetarian hotel that competes on weddings and business travel in Delhi NCR - soon to be separated into independent listed companies. ## 1. Recycled paper: the industrial engine that runs on waste **A single factory in Sahibabad turns 85,000 tonnes a year of wastepaper into the board behind smartphone boxes and the newsprint read by millions, with a captive power plant that keeps costs in check.** - **Runs entirely on wastepaper** - the mill uses no wood at all, sourcing 100% of its raw material from domestic collection centres and international suppliers, which gives it both a cost advantage and an environmental story that regulators in the National Capital Region accept. - **Makes what India’s biggest buyers need** - the product mix spans grey board, duplex board, newsprint, kraft paper, and cup stock, with leading newspapers like The Times of India and Dainik Jagran among its long-standing customers, and a growing shift into import-substitute rigid boards for consumer electronics packaging. - **Its own power, its own rules** - a 6 MW captive thermal plant fitted with flue-gas desulphurisation equipment makes it the only company in the region allowed to use thermal power generation, while solar panels and bio-diesel approvals add a hedge against energy costs. - **Sells through a two-tier network that has stuck around** - a nationwide dealer network plus direct sales to large industrial buyers and government agencies, with nearly half of revenue in a typical year coming from clients who have been buying for 15 years or more. - **Custom batches, not commodity runs** - the mill accepts orders of any size and customises production to customer specifications, which means buyers do not need to import large volumes themselves and the company carries less inventory risk. ## 2. Country Inn & Suites by Radisson: the vegetarian five-star that weddings built **A 216-room hotel operating under the Radisson flag on a franchise basis, positioned as India’s only certified five-star all-vegetarian property, where banquets and business travellers fill the rooms.** - **The vegetarian moat** - it is formally certified as a five-star, 100% vegetarian and vegan-friendly hotel, with six restaurants offering menus from Indian to Japanese and a strict separation of vegetarian resources that builds trust with the Jain community and the growing vegan market. - **Business travellers fill the week** - the hotel targets corporate guests who are less price-sensitive and boost weekday occupancy, achieving an average occupancy rate above 84% in FY2024, with over 65% of bookings coming through online platforms. - **A global brand, a local asset** - it pays a franchise fee to Radisson Hotel Group, one of the largest international hotel groups in India, but owns the real estate: a property with parking for more than 700 cars, 50 minutes from the international airport and diagonally opposite a metro station. - **The next generation runs the floor** - the hospitality business is led by four members of the promoter family’s younger generation, each overseeing operations, business development, or logistics, while the hotel continually renovates to keep the property competitive. # Group structure and partners **A family-controlled public company preparing to split into two listed entities - paper and hotels - with a franchise tie to Radisson and debt funded by a private credit fund.** - The company listed on NSE and BSE in 2007 and is promoted by the Jain family, with the board including four independent directors and four women directors. - The hotel has operated under a franchise agreement with Radisson Hotel Group since 2009; the brand is not owned by the company, and Radisson is itself part of Jin Jiang International, one of the world’s two largest hotel groups by room count. - In February 2026, the board approved a demerger that will spin the paper business into a new listed company called Magnum Paperz Limited, leaving the hotel business inside the existing Magnum Ventures shell, with shareholders receiving shares in both entities. - The group has raised debt through secured non-convertible debentures placed with Neo Special Credit Opportunities Fund, carrying an 18% coupon and secured by a share pledge from a promoter group member.