Vikas Lifecare to acquire 60% stake in Dubai-based entity

Homegrown entity Vikas Lifecare Ltd (VLL) has announced that it will acquire 60 per cent stake in Dubai-based SKY 2.0 Club for USD 79 million (around Rs 650 crore).

The acquisition process shall be completed in the ongoing financial year, Vikas Lifecare said in an exchange filing.

"The acquisition is a share swap deal signed between Vikas Lifecare and the holding company Blue Sky Event Hall FZ-LLC, Dubai, for acquisition of 60 per cent stake in SKY 2.0 Club business and all future business ventures in the relevant business segment at an enterprise valuation of about USD 130 million," it said.

The SKY 2.0 Club is the largest nightclub in the Middle East and Asia, according to the filing.

On January 18, Vikas Lifecare announced acquiring a 50 per cent stake in UAE-based Portfolio Managing Events LLC for Rs 100 crore.

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