Specialty chemicals maker Vikas Ecotech has announced the acquisition of Vikas Organics for a cash consideration of Rs 27 crore. According to an exchange filing, the Delhi-based recycling major acquired a 100 per cent stake in Vikas Organics which is into manufacturing of plasticisers.
Plasticisers are a raw material for finished plastic products and owns and operates a plant of 12,000 metric tonnes per annum in Daman.
"It will enhance the company's existing product basket and post completion of this acquisition. It will add Rs 1,000 million (Rs 100 crore) per annum to the top line on consolidated basis and strengthen balance sheet," Vikas Ecotech said in a stock exchange filing on the reason behind the move.
The acquisition is expected to be completed by December, it added.
Vikas Ecotech is a leading provider of high-end specialty chemicals. Its in-house research & development (R&D) unit is recognised by the Department of Scientific and Industrial Research, Ministry of Science & Technology.
It had earlier announced plans to set up a world-class research laboratory that meets international standards and achieves NABL accreditation.
The objective behind setting up a new facility is to foster a dynamic research environment that encourages interdisciplinary collaboration and drives innovation.
It is worth mentioning here that the Union Budget 2023–24 allocated funds of Rs 2000 crore for the proposed National Research Foundation to support India's research capabilities. The foundation is being set up to support India's research capabilities.
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