India Dealbook: Varun Beverages buys Lunarmech stake; Event Capital acquires IGX

Photo: Reuters

Varun Beverages Tuesday said it has agreed to acquire a 20 per cent stake in Lunarmech Technologies while Event Capital has acquired Indian Games Expo (IGX).

Varun Beverages buys Lunarmech stake

Varun Beverages Tuesday said it has agreed to acquire a 20 per cent stake in Lunarmech Technologies Pvt Ltd for Rs 15 crore.

Lunarmech is engaged in the business of manufacturing, processing, buying and selling of pet bottle caps and crown caps. Post the transaction, Varun Beverages’ stake in Lunarmech will increase to 55 per cent, it said in BSE filing.

Lunarmech’s turnover for the year ended March 31, 2019 was Rs. 77.54 crore.

Event Capital acquires IGX

Live events intellectual property (IP) firm Event Capital has acquired an 80 per cent stake in Indian Games Expo (IGX), which organises gaming-focused exhibitions around the country.

Event Capital with its expertise in creating and curating multi-genre consumer-based event experiences, will help further strengthen the IGX IP, it said in a statement. The 5th season of IGX will be held on 21st-22nd December at Nesco, Mumbai.

“The gaming industry is an exciting space with inexplicable potential. This space has grown exponentially over the past couple of years with India becoming the 2nd largest in game downloads and game sessions. Event Capital’s entry into this segment is a logical progression for us given our expertise in creating live event experiences,” Deepak Choudhary, Founder & Director, Event Capital said.