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Vikas Lifecare Limited (VLL), an Indian manufacturing firm listed on the Bombay Stock Exchange, has acquired a majority stake in the nightclub Sky 2.0, located in the Dubai Design District (d3), for $79 million.
According to a stock exchange filing, the company, which trades in polymer and additive related chemicals, has recently diversified its business into entertainment and hospitality with its recent acquisitions in Dubai.
The company said it has acquired a 60% stake in Sky2.0 Club, as a part of a share swap deal with the Dubai-based holding company Blue Sky Event Hall FZ-LLC, along with all future business ventures in the relevant business segment at an enterprise valuation of about $130 million.
The acquisition process is expected to be completed within this fiscal year.
In recent months, Sky 2.0 Club has hosted several high-profile events, including a public appearance by Bollywood actor Shah Rukh Khan, Indian singer Badshah, and 50 Cent, among others.
News of the most recent acquisition comes after a January 18 filing where VLL announced it had snapped up a 50% stake in the Dubai-based event management company, Portfolio Managing Events LLC (PME Entertainment) in a share swap deal, “to explore new exciting opportunities in the entertainment and event organising industry”.
According to research by Business Market Insights, an industry think tank, the Middle East and Africa events market is expected to reach $76.67 billion by 2028, registering an annual growth rate of 6.1% from 2022 to 2028.
(Writing by Bindu Rai, editing by Brinda Darasha)
