Vikas Lifecare to acquire 60% stake in Dubai-based SKY 2.0 Club

Domestic unit Vikas Lifecare Ltd (VLL) on Monday said it will acquire 60 per cent stake in Dubai-based Sky 2.0 Club for $79 million (about Rs 650 crore). Vikas Lifecare said in an exchange filing that the acquisition process will be completed in the current financial year.

“This acquisition is a share swap deal signed between Vikas Lifecare and the holding company Blue Sky Event Halls FZ-LLC, Dubai for the acquisition of 60 per cent stake in the Sky 2.0 Club business and all future business ventures in the related business segment. The valuation of the venture is approximately US$130 million,” it said. According to the filing, SKY 2.0 Club is the largest nightclub in the Middle East and Asia.

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