Vikas Ecotech Limited marching towards becoming 100% debt free
BSE ( 530961) and NSE ( VIKASECO). listed Vikas Ecotech Limited has informed the exchanges that it is pursuing the goal of becoming a 100% debt free entity within Financial Year 2022-2023, the Company has repaid the loan of INR 33.90 million to the ICICI Bank. This repayment will lead to the release of the mortgage on the company owned commercial properties located at Mumbai, Maharashtra. These are non-business assets currently valued at about INR 100 Million, these no-business assets will be monetized upon release of mortgage, which in turn will further aid the debt reduction plan taking the Company upto 57.50 % reduction in debt from the peak levels. The Company has repaid INR 700 Million in total since the initiation of the debt removal plan.
Vikas Ecotech Ltd. is a New Delhi based company engaged in the business of Specialty Polymers & Specialty Additives and Chemicals for Plastics & Rubbers industries, catering to a wide horizon of applications in Agriculture, Infrastructure, packaging, electrical, footwear, pharmaceuticals, automotive, medical devices and components and other consumer goods. Vikas Ecotech is the only manufacturer of Organotin (Heat Stabilizers for Vinyl applications) in India with in-house R&D facilities and is one of the single digit number of manufacturers of this product worldwide, who have technology and expertise for manufacturing this material right from Tin Metal to the final product. Vikas Ecotech is expanding its business and product portfolio has added many consumer (final) products to its conventional (raw material businesses) profile. The new business segments include Infrastructure Products like Steel Pipe Fittings, MDPE Pipes for Gas applications to its business lines.
Previous Article