According to the exchange filing, the acquisition process shall be completed in the ongoing financial year, Vikas Lifecare said in an exchange filing.
New Delhi: Vikas Lifecare Ltd (VLL), a homegrown company, has said that it will now acquire 60 per cent stake in SKY 2.0 Club for USD 79 million (around Rs 650 crore). SKY 2.0 Club is a dubai-based. According to the exchange filing, 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 filing further added that the SKY 2.0 Club is the largest nightclub in the Middle East and Asia. Vikas Lifecare. on January 18, 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.
Disclaimer: The article is for informational purposes only and not investment advice.