Vikas Ecotech, a premium specialty chemicals company, has announced its foray into green-enviro-friendly infra projects. The company has informed the exchanges that it has joined hands with Nice Apartment Construction, a part of Unity Group.
Following the announcement, shares of Vikas Ecotech gained over 5 per cent on the BSE.
As per the filing, the company will infuse 70 per cent of the total project cost as a partner. The estimated project cost of the targeted projects is approximately INR 1150 million, which includes the cost of land as well as the cost of construction and development of commercial buildings at 3 locations in Gurugram.
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“…has induced Rs 400 million during April 2023 towards the accrued payments for land parcels acquired through auction in this first project being undertaken under a collaboration, with the balance contribution of Rs 400 million being appropriated Will be driven in phases. Project development,” it said.
In another related development, the company has informed the exchanges that it has substantially reduced its debt in the current quarter of FY24. As per its debt-reduction plan, the company has paid approximately Rs 52.20 million. The total bank-loan amount has now come down to Rs 791.30 million, while the total bank-loan till date has come down to Rs 908.70 million.
The repayment is a part of the company’s target of becoming 100 per cent debt free by the end of FY24. The shares of Vikas Ecotech have given tremendous returns of 155% in the last 2 years.
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