Vikas Lifecare Acquires 50% Stake in UAE Entertainment Company
Jan 18, 2024 13:46
Vikas Lifecare Ltd (VLL) has acquired a 50% stake in UAE-based Portfolio Managing Events LLC (PME) for Rs 100 crore to enter the entertainment and event organizing industry.
New Delhi, Jan 18 (PTI) Homegrown entity Vikas Lifecare Ltd (VLL) on Thursday said it will acquire a 50 per cent stake in UAE-based Portfolio Managing Events LLC for Rs 100 crore.
This acquisition will make way for the company to explore new opportunities in the entertainment and event organising industry, according to a regulatory filing.
"VLL will buyout the 50 per cent equity of PME Entertainment from its existing shareholders through a share swap deal, negotiated at the enterprise value of Rs 2,010 million," the company said.
"VLL will be investing in excess of Rs 1 billion for acquisition," it added.
Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.
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