Vikas Lifecare will purchase a 60% stake within the Dubai-based entity

Homegrown entity Vikas Lifecare Ltd (VLL) on Monday stated it’ll purchase a 60 p.c stake in Dubai-based SKY 2.0 Membership for $79 million (about Rs 650 crore).

The acquisition course of will probably be accomplished within the present monetary yr, Vikas Lifecare stated in an alternate submitting.

“The acquisition is a share alternate settlement signed between Vikas Lifecare and the holding firm Blue Sky Occasion Corridor FZ-LLC, Dubai, for the acquisition of 60 p.c stake within the SKY 2.0 Membership enterprise and all future enterprise ventures within the related enterprise phase for a enterprise valuation of roughly $130 million,” the report stated.

Based on the paperwork, the SKY 2.0 Membership is the most important nightclub within the Center East and Asia.

On January 18, Vikas Lifecare introduced it’s buying 50 p.c stake in UAE-based Portfolio Managing Occasions LLC for Rs 100 crore.

Vikas Lifecare recycles plastic waste to fabricate pallets and interlocking tiles for industrial purposes.