Vikas Ecotech Ltd., a leader in Specialty Polymers & Specialty Additives and Chemicals for Plastics & Rubbers industries, has announced that the company will hold its board meeting on August 31, 2023, to issue securities, convertible instruments on preferential basis to Mr.
Vikas Garg, promoter of the Company, who signified his intent in writing to subscribe additional equity/convertible instrument/warrants, or any other combination thereof, in cash, at premium, for an amount not exceeding Rs. 350 Million.
The Company has set a goal for becoming a 100% Debt Free entity within FY 2023-2024. Recently, the company paid back Rs. 50 Million Approx., taking the total amount of bank-debt down to Rs. 600 Million Approx and the overall bank-debt reduction of Rs. 1012 Million till date from the peak. Post the current Repayment, the Company intends to payback additional Rs. 100 Million before the close of this quarter, bringing down the debt levels to Rs 500 Million Approx., paving the way towards becoming a ‘ZERO Debt Company’ within F.Y.2023-24.
Earlier, Vikas Ecotech Limited announced a ground breaking initiative aimed at establishing a world-class research laboratory that meets international standards and achieving the NABL Accreditation. VEL has taken a significant stride towards enhancing its research capabilities by adding high-end scientific laboratory instruments including FT-IR Spectrometer, X-Rays Diffractometer (XRD), Particle Size Analyser (PSA), Universal Testing Machine (UTM), etc. to name a few from renowned manufacturers worldwide, while partnering with global leaders in instrumentation manufacturing, like Thermo-fisher Scientific, CEAST, Ambivalue, etc., The procurement of these instruments in its DSIR recognized R&D facility aligns with VEL’s mission to foster a dynamic research environment that encourages interdisciplinary collaboration and drives innovation.
These instruments represent a significant leap forward in VEL’s capabilities, enabling it to conduct experiments and analyses with unparalleled precision and efficiency This strategic investment not only underscores VEL’s commitment to maintaining a competitive edge but also highlights its dedication to upholding the highest standards of research quality and reproducibility.
VEL is also excited to share its latest achievement in material innovation. The company has successfully developed TPV compound, a cutting-edge material, that meets the stringent FR-V0 (Flame Retardant V)) standards, positioning itself as one of the select few companies worldwide that met this remarkable milestone. FR-V0 is a classification used to determine the flame retardant properties of materials, specifically indicating the highest level of flame resistance and safety. The achievement of FR-V0 rating underscores VEL’s unwavering commitment to delivering the utmost quality, safety, and innovation in its products.
As VEL continues to drive innovation and redefine industry standards, these recent achievements serve as a springboard for further growth and success. The company remains committed to pushing boundaries, expanding partnerships, and creating materials that contribute to a brighter and more advanced future.
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.