te Specialty chemicals maker Vikas Ecotech to grants in-principle nod to consolidation plan with agri products firm | Zee Business

Specialty chemicals maker Vikas Ecotech to grants in-principle nod to consolidation plan with agri products firm

According to a statement by Vikas Ecotech, its board has granted an in-principle nod for evaluating the consolidation proposal of the company with Vrindaa Advanced Materials.

Specialty chemicals maker Vikas Ecotech to grants in-principle nod to consolidation plan with agri products firm
Vikas Ecotech, which is based out of Delhi, had in September announced fundraising via the issuance of preferential issues.

High-end speciality chemicals provider Vikas Ecotech has said its board has approved the evaluation of a consolidation proposal of consolidation proposal with Vrindaa Advanced Material Limited (VAML).

Vrindaa Advanced Material is mainly engaged in the business of speciality polymer compounds and agri products trading.

According to a statement by Vikas Ecotech, its board has granted an in-principle nod for evaluating the consolidation proposal of the company with Vrindaa Advanced Materials.

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Apart from this, the board has also appointed Price Waterhouse & Co LLP for the evaluation of the consolidation proposal from tax and regulatory perspectives, it said in a regulatory filing.

"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.

For the financial year ending March 31, 2023, VAML registered a total income of Rs 192.51 crore with a net profit of Rs 9.35 crore. The debt-free company has a positive net worth of Rs 69.14 crore as of March 31, 2023.

Vikas Ecotech, which is based out of Delhi, had in September announced fundraising via the issuance of preferential issues.

The small-cap company operates in the speciality chemical industry. It is a leading supplier of premium speciality chemicals to clients worldwide. It supplies chemicals to several industry players including in agriculture, automobiles, cables, electricals, hygiene, healthcare, polymers and more.

The company's R&D division is a DSIR-recognized facility under the Ministry of Science and Technology. It is engaged in several cutting-edge scientific research projects.

Written By: ZeeBiz WebTeam
Updated: Tue, Oct 17, 2023
10:26 am
New Delhi, ZeeBiz WebDesk
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