Evexia Lifecare Ltd. engaged in the trading of pharmaceuticals, chemicals, manufacturing of intermediates, agricultural produce and various other products of consumer goods, has announced that it has executed Term sheet with Vittal’s MediCare Private Limited to acquire 51 % stake in Vittal’s MediCare Private Limited, forINR 35 crores. Vittal’s MediCare Private Limited will become a Subsidiary Company of Evexia Lifecare Limited after completion of entire transaction as described in the Term Sheet.
Vittal’s MediCare is engaged in the business of Diagnostic Centers and hence it signifies a strategic alignment aimed at capitalizing on synergistic opportunities for business advancement.
Additionally, the company informed that Evexia Lifecare’s subsidiary company intends to enter as an Investor in 10 LLCs/Entities incorporated in UAE for the expansion of its business. For the purpose of the said investment the existing Partners of the said LLCs are obligated to incorporate an SPV in the form of a Limited Liability Company under the applicable laws of the UAE and has to transfer all of it’s holding in all the LLCs which are part of this transaction through swap, thereby becoming the shareholders / partners of the SPV holding 100% of its capital.