Homegrown recycling firm picks up 50% stake in UAE-based entity

Homegrown recycling firm Vikas Lifecare Ltd (VLL) has announced that it will acquire a 50 per cent stake in UAE-based Portfolio Managing Events LLC for Rs 100 crore. This acquisition will make way for the company to explore new opportunities in the entertainment and event organising industry, according to a regulatory filing.

"VLL will buyout the 50 per cent equity of PME Entertainment from its existing shareholders through a share swap deal, negotiated at the enterprise value of Rs 2,010 million," the company said.

According to an exchange filing, the company will be investing in excess of Rs 1 billion for the acquisition.

"Vikas Lifecare will buyout the 50% Equity of PME Entertainment form its’ existing shareholders through a share swap deal, negotiated at the Enterprise Value of INR 2010 million, Vikas Lifecare will be investing in excess of INR 1 billion for this strategic acquisition," the company said.

Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.