Vikas Lifecare Consortium Moves Forward with USD 361 Million Ebix Acquisition

Vikas Lifecare Limited has announced a significant update on the acquisition of Ebix Inc. On July 26, 2024, the consortium, led by Eraaya Lifespaces Limited, remitted USD 14 million (approximately ₹117 crore), bringing the total payments made to date to USD 35.75 million (approximately ₹299 crore).

The company stated that an additional USD 6.60 million (approximately ₹55 crore) is set to be paid within July 2024, followed by another USD 14 million (approximately ₹117 crore) before the end of the month. The remaining balance will be settled in August 2024.

The consortium’s bid for Ebix Inc. was approved as the highest and best bid during an auction overseen by the U.S. Bankruptcy Court, valuing the enterprise at USD 361 million (approximately ₹3,009 crore). This acquisition is part of Ebix’s Plan of Reorganisation under Chapter 11 proceedings. The plan is currently being reviewed by creditors and other stakeholders, with a hearing scheduled to consider its approval.

The acquisition will result in the consortium obtaining 100% equity in Ebix, encompassing all assets and certain liabilities across its global subsidiaries. The transaction’s successful completion is contingent upon final negotiations among the consortium, Ebix, and Ebix’s creditors. The U.S. Bankruptcy Court’s approval of the Plan of Reorganization is a crucial step in finalising this acquisition, which aims to solidify the consortium’s presence and operations in the global market through the integration of Ebix’s extensive portfolio.

About Vikas Lifecare Limited

Vikas Lifecare Limited (VLL) is an ISO 9001:2015 certified company specialising in the manufacturing and trading of polymer and rubber compounds, as well as speciality additives for plastics and rubber, both synthetic and natural. The company produces polymer and rubber commodity compounds and masterbatches, including upcycled compounds made from industrial and post-consumer waste materials such as EVA, PVC, PP, and PE.

These efforts support government-led environmental protection initiatives and help fulfil Extended Producer Responsibility (EPR) obligations for companies handling large volumes of plastic products and packaging materials.

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