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Recycling player Vikas Lifecare Ltd is all set to incorporate a subsidiary company in the UAE to undertake commercial investments. Sharing the information, the company said that the proposal has been approved by its board. The proposed subsidiary company shall carry out business in the field of investment in commercial enterprises and management or other activities as may be approved by the DET.
The company said in an exchange filing on Wednesday that, "The board has approved the incorporation of Limited Liability Company (the LLC) in the Emirates of Dubai, United Arab Emirates, under the name Vikas Lifecare LLC or any other name approved by the Department of Economic and Tourism, Dubai, UAE (the DET),." The proposal remains subject to shareholders' approval.
On Monday, the fund-raising committee of the company had approved a proposal to raise Rs 50 crore through the QIP route.
Earlier this month, the company entered into the entertainment and hospitality business. Last week, the company acquired 50 per cent stakes in Portfolio Managing Events LLC, Dubai, UAE (PME Entertainment) valued at an enterprise value of Rs 201 crore.
Vikas Lifecare is engaged in manufacturing and trading of rubber compounds and polymer and specialty additives for synthetic, plastics and natural rubber. The company has also diversified its business interests beyond raw materials and forayed into the B2C segment.
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