Premium specialty chemical substances firm Vikas Ecotech has introduced to foray into into green-enviro-friendly infra projects. The firm has knowledgeable exchanges that it has joined fingers with Nice Apartment Constructions, part of Unity Group.
The shares of Vikas Ecotech rallies greater than 5 per cent on the BSE on the again of announcement.
According to the submitting, the corporate will probably be inducing 70 per cent of the full challenge price because the collaborator. The estimated challenge price of focused projects is about Rs 1150 million, together with the price of lands in addition to the prices to be incurred for the development and improvement of economic buildings at 3 areas in Gurugram.
“…has induced Rs 400 million during April 2023 in lieu of the payments accrued towards the land parcels acquired via auctions in this first ever project being undertaken under a collaboration, the remaining contribution of Rs 400 million will be induced at appropriate stages in the project development,” it stated.
In one other associated improvement, the corporate has knowledgeable exchanges that it has considerably minimize its debt within the ongoing quarter of FY24. As par of its debt-reduction plan, the corporate has paid again Rs 52.20 million roughly. The complete quantity of bank-debt now stands lowered to Rs 791.30 million whereas general bank-debt stands lowered to Rs 908.70 million until date.
The reimbursement is part of the corporate’s purpose to turn into 100 per cent debt-free by the tip of the FY24.
Shares of Vikas Ecotech have yielded an enormous return of 155 per cent within the final 2 years.
