Vikas Ecotech Board Paybacks 2 trenches of Debt under its Debt Reduction Program Phase-II, Aiming to Enter Zero Debt Regime

New Delhi (India), January 31: BSE (560961) & NSE (VIKASECO) listed Vikas Ecotech Ltd an emerging player in the global arena of the high-end specialty 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 trench of Rs. 120 million has been paid to reduce its’ bank debt, in the Phase-II of Debt-Reduction Program, making it Rs. 220 million bank-debt repaid of the Rs. 350 million bank debt repayment envisioned for the current fiscal.

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.

Further, promoters of the Company have intended to get their financial assistance/unsecured loans, provided for debt reduction program, converted into equity at the appropriate stage after obtaining statutory approvals.

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 of fittings by all major steel tube manufacturers like APL Apollo, Jindal, Hi-tech, etc. and they prefer sourcing from the vendors who has

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.

Its first of its kind of empanelment for Vikas Ecotech that too along-side other industry conglomerates like Supreme Industries, Advance Biocare, Stellar Polyplast etc.

Enhancements in Intellectual Property: Successful registration of patent for use of Nano CaCO3 in Plastic & Rubber Compounds The company’s ultra modern latest state of 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Varmora Inaugurates 317th Exclusive Showroom in Dahod, Gujarat

Ahmedabad (Gujarat) [India], March 29:   Varmora Granito Pvt. Ltd, a leading manufacturer of tiles, sanitaryware, and bath fittings, has announced the inauguration of its 317th exclusive showroom in Dahod, Gujarat. With one of the largest retail networks across India, Varmora now boasts 317 exclusive brand outlets (EBOs) and 2,000+ multi-brand outlets (MBOs). VARMORA’s exclusive showrooms are […]

Read More
Business

Trading apps: The preferred route for modern trading  

Mr. Sidhavelayutham M, Founder & CEO, Alice Blue New Delhi (India), March 29: Mobile applications have made their way into nearly all spheres of human life. Today, almost everything is done through an app, owing to their virtue of ease and accessibility enabled by technological advancements. Over the past few years, due to this same […]

Read More
Business

India’s one of the largest solar module Manufacturer Rayzon Solar now to produce solar modules in USA

New Delhi (India), March 29: A company incorporated in 2017 with a team of 5 people, today employing more than 1000 people, Rayzon Solar is ranked amongst the top 10 solar panel manufacturers in India. Mr. Chirag Nakrani along with Mr. Hardik Kothiya are Founder and Managing Directors of Rayzon Solar. They had started with […]

Read More