Ministry of Science recognised specialty chemical compounds major Vikas Ecotech has permitted the analysis of a consolidation proposal with Delhi-based Vrindaa Advanced Material because it seems to develop its choices. Notably, its in-house analysis and improvement (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 submitting on BSE mentioned that in-principle approval has been granted for the aim. 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 mentioned in a press release.
Vrindaa is engaged within the enterprise of manufacturing specialty polymer compounds. During the monetary yr ending March 31, 2023, its complete revenue stood at Rs 192.5 crore. It is a debt-free entity.
Earlier, a PTI report mentioned that Vikas Ecotech is aiming to turn into debt-free within the present monetary yr. It operates within the specialty chemical business. It provides its products to a wide range of industries, together with agriculture, automotive, cables, electricals, hygiene, healthcare, polymers, packaging, textiles, and footwear. Vikas Ecotech shares completed at Rs 3.56 a share BSE throughout Monday’s commerce.
It has just lately introduced plans to arrange a world-class analysis laboratory that meets worldwide requirements and achieves NABL accreditation.
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