Ministry of Science recognised specialty chemicals major Vikas Ecotech has approved the evaluation of a consolidation proposal with Delhi-based Vrindaa Advanced Material as it looks to expand its offerings. Notably, its in-house research and development (R&D) unit is recognised by the Department of Scientific and Industrial Research, Ministry of Science & Technology, Government of India.
According to a PTI report, the recycling player in a regulatory filing on BSE said that in-principle approval has been granted for the purpose. Besides, London-based Price Waterhouse & Co. LLP has been appointed to evaluate the consolidation proposal from a tax and regulatory perspective.
"The board believes that such consolidation would create a larger and stronger entity, subject to statutory, regulatory, and other approvals, including relevant third-party consents. This will help to pool in the experience, expertise, resources, and client base of the two companies," it said in a statement.
Vrindaa is engaged in the business of producing specialty polymer compounds. During the financial year ending March 31, 2023, its total income stood at Rs 192.5 crore. It is a debt-free entity.
Earlier, a PTI report said that Vikas Ecotech is aiming to become debt-free in the current financial year. It operates in the specialty chemical industry. It supplies its products to a variety of industries, including agriculture, automotive, cables, electricals, hygiene, healthcare, polymers, packaging, textiles, and footwear. Vikas Ecotech shares finished at Rs 3.56 a share BSE during Monday's trade.
It has recently announced plans to set up a world-class research laboratory that meets international standards and achieves NABL accreditation.
Also read | India third most optimistic market globally, heading in right direction: Ipsos Global Survey
Also read | Markets ended lower for third straight day amid weak global equities, rise in Brent crude oil prices
Latest Business News
