Vikas Lifecare announced on Monday that it will acquire a majority stake in SKY 2.0 Club in Dubai for US$ 79 million or around Rs 650 crore to expand into the entertainment and hospitality business segment. 

The Polymer and rubber compound maker said in an exchange filing that the acquisition process would be completed in the current financial year.

A share swap deal would be inked between Vikas Lifecare and the holding company Blue Sky Event Hall FZ-LLC, Dubai, for the acquisition of a 60% stake in SKY 2.0 Club business and all future business ventures in the relevant business segment at an enterprise valuation of about US$ 130 million.

According to the exchange filing by Vikas Lifecare, SKY 2.0 Club is the largest open-air nightclub in the Middle East and Asia.

Vikas Lifecare Limited is an India-based firm that recycles plastic waste and manufactures polymer, rubber compounds, specialised additives for plastics, and synthetic and natural rubbers.