Vikas Ecotech reduces more debt in Phase-II; moving closer to debt zero
New Delhi (India), March 21st: 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 paid back Rs. 60 million today, taking the total amount of bank debt reduced in Phase-II to Rs. 360 million and the overall bank-debt reduction to Rs. 580 million to date.
After completion of both these phases, and intended additional bank-debt repayment, bank-debt shall get reduced by approx. 55% from the peak exposure, paving the way towards becoming a ‘ZERO Debt Company’ in 2023.
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.
Earlier the company from its Specialty Chemicals & Compounds Business division had recently secured fresh orders valued at about INR 65 million, adding to the healthy order book with more than 700MT of orders which will be contributing to the performance for the current financial year, closing the current fiscal with exciting numbers. The order book consists of new up-graded versions of materials developed by the Company for renowned national and international brands keeping up with the ever-changing fashion trends and performance pre-requisites updated regularly by the footwear industry. The company’s esteemed customers include renowned OEM Suppliers for fashion Brands “Zara” namely – Bitufelt & Tej Shoetech; and “Clarks” namely Unisol India; apart from the regulars like Relaxo Footwears and many more.