Vikas Ecotech Board Approves Debt Reduction Program Phase-II Marching Towards Zero Debt Regime

New Delhi (India), January 26: BSE (560961)& NSE (VIKASECO) listed Vikas Ecotech Ltd an emerging player in the global arena of the high-end speciality chemicals players, offering eco-friendly and technologically superior products to the world, has announced that on persistence and support extended by the promoters of the Company, it has initiated 2nd Phase of the Debt Reduction Program, wherein overall bank debt shall further get reduced by another 20% from the peak exposure. Rs. 100 million has been paid back already, and another minimum Rs. 250 million shall be paid before the close of this quarter (Q4_FY22).

After completion of both these phases, bank debt shall get reduced by approx. 40% from the peak exposure, paving the way towards becoming a ‘ZERO debt company’ in the next financial year i.e. 2022-23 Recently, Vikas Ecotech had informed exchanges that it has been diversifying to newer markets with innovative products.

As a measure of backward integration, the Company has commissioned a Steel Pipe Fittings plant, which after trial production, went into commercial production  almost 2 months ahead of schedule.

With increasing economic activities and governments thrust on infrastructure development, there is a huge demand for fittings by all major steel tube manufacturers like APL Apollo, Jindal, Hi-tech, etc. They prefer sourcing from the vendors who have inhouse steel tube fitting manufacturing facilities.

Considering it as a long-term opportunity, which not only enhances the company’s revenues, product basket, profitability but also mitigates concentration risk, the company has successfully bagged commercial-scale orders. Since the production of fittings and their supplies are much ahead of their scheduled targets, Vikas is expecting a good revenue contribution of this newly added business segment.

The company has been most recently empanelled as an approved vendor with the U.P. State Horticultural Co-Operative Marketing Federation (HOFED), a UP Govt. Enterprise.

It’s the first of its kind of empanelment for Vikas Ecotech that too alongside other industry conglomerates like Supreme Industries, Advance Biocare, Stellar Polyplast etc.

Enhancements in Intellectual Property: Successful registration of a patent for the use of Nano CaCO3 in Plastic & Rubber Compounds The company’s ultra-modern latest state of the art R&D laboratory undertook research for Nano Composites and their use in the plastic and rubber industry, the company has filed a patent for the use of Nano Calcium Carbonate (CaCO3) as a multi-role additive and modifier.

Comments are closed.

Business

Revolutionizing Business Banking and Identity Verification: PaySprint Launches, SprintVerify’s Candy, and PaySprint’s collaboration with InstaBill for SprintNXT

New Delhi (India), March 28: PaySprint, a trailblazing Banking Fintech Infrastructure Company and a leading API provider in India is proud to announce the launch of its latest innovations, SprintVerify, CANDY, and PaySprint’s collaboration with InstaBill for SprintNXT. These ground-breaking solutions mark a significant leap forward in the realm of identity verification, business banking and payment […]

Read More
Business

Workday Nutrition Soon To Launch Nutrition Products For All Working Professionals

New Delhi (India), March 28: We know the demands of today’s work environment often lead to neglecting proper nutrition, resulting in fatigue, decreased focus, and overall reduced performance.  While keeping this issue in mind, the Founders of “Workday Nutrition” are all set to launch Nutrition Products specially designed for working professionals.  According to the National […]

Read More
Business

Eicher inaugurates a new state-of-the-art dealership in Ahmedabad

Dedicated to catering to Eicher truck and bus customers in Ahmedabad, Gujarat 10th APCO Motors Pvt Ltd location in Gujarat state Ahmedabad (Gujarat) [India], March 27: Expanding its footprint in Gujarat, Eicher Trucks & Buses, a business unit of VE Commercial Vehicles Ltd., continues to strengthen its presence in Ahmedabad with the inauguration of its new 3S dealership, […]

Read More