Domestic unit Vikas Lifecare Ltd (VLL) on Thursday said it will acquire 50 per cent stake in UAE-based Portfolio Managing Events LLC for Rs 100 crore. According to a regulatory filing, this acquisition will pave the way for the company to explore new opportunities in the entertainment and event planning industry.

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

“VLL will invest more than Rs 1 billion for the acquisition,” it said.

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

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)