Vikas Lifecare picks up 50 pc stake in UAE-based entity

NEW DELHI: 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.