Vikas Ecotech Board of Directors Further Reduces Debt Under Phase II Debt Reduction Program; Towards a zero debt diet
New Delhi (India), March 21: BSE (560961) & NSE (VIKASECO) listed Vikas Ecotech Ltd. an emerging player on the global stage of premium specialty chemicals players, offering environmentally friendly and technologically superior products to the world has announced that upon persistence and extensive support by the company’s promoters, it has refunded Rs. 60 million today, bringing 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 the completion of these two phases and the planned additional repayment of bank debt, bank debt will be reduced by approx. 55% of peak exposure, paving the way to become a “zero debt company” in 2023.
Recently, Vikas Ecotech had informed the exchanges that it was diversifying into new markets with innovative products.
As a backward integration measure, the Company commissioned a steel pipe fitting plant which, after trial production, entered commercial production nearly 2 months ahead of schedule.
Earlier, the company from its Specialty Chemicals & Compounds Business, had recently secured new orders worth about INR 65 million, adding to the healthy order book with over 700 tons of orders which will contribute to the performance of the current financial year, closing the current financial year with exciting figures. The backlog consists of new and improved versions of materials developed by the Company for well-known national and international brands following the ever-changing fashion trends and regularly updated performance requirements of the footwear industry. The company’s esteemed customers include renowned OEM suppliers for the fashion brand “Zara”, namely Bitufelt & Tej Shoetech; and “Clarks”, namely Unisol India; apart from the regulars like Relaxo Footwears and many others.