Vikas Lifecare Secures 60% Stake in Dubai Firm

Vikas Lifecare Ltd (VLL), an Indian company that recycles plastic waste into industrial products, has announced that it will acquire 60% stake in SKY 2.0 Club, the largest nightclub in the Middle East and Asia, for USD 79 million (around Rs 650 crore). The deal is expected to be completed in the current financial year.

What is Vikas Lifecare?

Vikas Lifecare is a leading firm in the field of recycling plastic waste into useful commodities, such as pallets and interlocking tiles, for industrial applications. The company was founded in 2010 by Vikas Jain, a visionary entrepreneur who saw the potential of turning plastic waste into a valuable resource. The company has a state-of-the-art facility in Gujarat, India, where it processes over 100 tonnes of plastic waste per day. The company also has a strong presence in the domestic and international markets, supplying its products to various industries, such as logistics, construction, and packaging.

Why SKY 2.0 Club?

SKY 2.0 Club is a nightlife giant in the Middle East and Asia, located in Dubai’s Design District. The club opened its doors in 2019 and quickly became a hotspot for celebrities and party-goers from across the region. The club offers a range of entertainment options, including live music, DJs, dancers, and performers. The club also boasts of a stunning interior design, featuring a retractable roof, a LED wall, and a VIP lounge. The club has a capacity of over 2,000 people and hosts various events and shows throughout the year.

How will the deal benefit both parties?

The acquisition is a share swap deal between Vikas Lifecare and Blue Sky Event Hall FZ-LLC, Dubai, the holding company of SKY 2.0 Club. The deal includes the club’s business and all future ventures in the relevant segment at an enterprise valuation of USD 130 million. Vikas Lifecare said that the acquisition is part of its strategy to diversify its business portfolio and enter the lucrative nightlife industry of the Middle East. The company expects to leverage its expertise in recycling plastic waste to create innovative products and solutions for the club and its customers. The company also hopes to expand its presence and reach in the region through the club’s network and brand value. On the other hand, SKY 2.0 Club will benefit from Vikas Lifecare’s financial strength and support, as well as its environmental commitment and vision. The club will be able to enhance its operations and offerings, as well as explore new opportunities and markets with Vikas Lifecare’s backing.