VLL to incorporate wholly-owned subsidiary in UAE for commercial investment
Earlier, the fund-raising committee of the company had approved a proposal to raise Rs 50 crore through the QIP route.
Homegrown recycling player Vikas Lifecare has informed exchanges that it has got approval from the Government of Dubai for the incorporation of a subsidiary company in the name of Vikash Life Care Investment Management to carry out business in the field of investment in commercial enterprises and management.
"Department of Economic and Tourism, Dubai UAE (the DET), Government of Dubai, has approved the incorporation of wholly owned subsidiary of the Company in the name of “VIKASH LIFE CARE INVESTMENT MANAGEMENT L.L.C” and issued a certificate of incorporation for the same," the company said in a regulatory filing.
On the rationale behind the move, Vikas Lifecare said, "The proposed subsidiary company shall carry out business in the field of investment in commercial enterprises and management or another activities as may be approved by the DET."
Earlier, the fund-raising committee of the company had approved a proposal to raise Rs 50 crore through the QIP route. Earlier, the company said that it would acquire a 60 per cent stake in Dubai-based SKY 2.0 Club for USD 79 million (around Earlier, the fund-raising committee of the company had approved a proposal to raise Rs 50 crore through the QIP route. Rs 650 crore).
The acquisition process shall be completed in the ongoing financial year, Vikas Lifecare said in an exchange filing.
Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications, including construction.
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