BUSINESS

Following approval of the proposal to evaluate the acquisition of Vrindaa Advanced Materials by the maker, Vikas EcoTech Shares rose 5 per cent

The evaluation of the consolidation plan with Vrindaa Advanced Materials Limited (VAML) has received in-principle clearance from Vikas Ecotech, a top provider of high-end speciality chemicals. In addition, Price Waterhouse & Co. LLP has been hired to assess the consolidation plan from a tax and regulatory viewpoint. One of the many member businesses in the PricewaterhouseCoopers International Limited network is Price Waterhouse.

Legislative, regulatory, and other clearances, including any third-party consents, are required for the amalgamation. Since its incorporation in 2007, VAML has been dealing in agricultural goods and specialized polymer chemicals. The company reported total revenues of Rs 192 crore and a net profit of Rs 9.35 crore for the fiscal year that ended on March 31, 2023. It has a positive net worth of Rs 69.41 crore and is debt-free.

The planned merger is believed to strengthen Vikas Ecotech’s position within its industry matrix and force competitors out of its operating market. The company said in a statement that the planned consolidation would allow quick, strategic investments outside of the current structure, advancing efforts to further corporate development, higher profitability, and a stronger financial sheet.

The statement claimed that such consolidation would result in a bigger and more powerful organization. Additionally, this will aid in combining the clientele, resources, and skills. In the meanwhile, Vikas Ecotech wants to finish the current fiscal year completely debt-free.

It is a small-cap firm with its headquarters in Delhi that works in the speciality chemical sector. It is a top provider of superior speciality chemicals to customers all over the globe. Several industrial participants, including those in agriculture, vehicles, cables, electricals, hygiene, healthcare, polymers, and more, rely on it for their chemical needs.

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