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Recycling major plans to evaluate consolidation plan with agri products trading player

The Ministry of Science's approval aims to create a stronger and larger entity by combining the two firms' expertise, resources, and client bases.

Edited By: Nitin Kumar @Niitz1 New Delhi Published on: October 17, 2023 7:43 IST
BSE
Image Source : PEXELS Photo of people working on a cropland.

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.

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