Vikas Lifecare Limited (VLL), an Indian manufacturing firm has acquired a majority stake in Sky 2.0, a nightclub located at Dubai Design District (d3), for $79 million.

According to a stock exchange filing, Vikas Lifecare listed on the Bombay Stock Exchange, which trades in polymer and additive related chemicals, recently diversified its business into entertainment and hospitality with its recent acquisitions in Dubai.

The stake in Sky2.0 Club, is 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 will be completed within this fiscal year. News of the most acquisition comes after a January 18 filing where VLL announced it had snapped up a 50 per cent 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”.

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.