Mumbai (Maharashtra) India], January 19 (ANI/NewsVoir): BSE and NSE Listed Vikas Ecotech Ltd., an integrated-specialty product solutions company producing a wide variety of superior quality, eco-friendly rubber-plastic compounds and additives has intimated the exchanges that its board will meet on 23rd January, 2021.
The announcement further states that the board will consider rights issue of shares, consider and device a corporate debt reduction programme, and consider and approve Q3 results for quarter ended 31st December, 2020.
Earlier, the company had announced that it had decided to invest up to Rs 75 crores in next 2 years, in new ventures or strategic partnerships for steering growth by both organic and inorganic means.
Vikas EcoTech had also recently announced that despite the current COVID-19 crisis, company's exports of its flagship product, the eco-friendly 'Organotin PVC Stabilisers' to the United States of America (world's largest Organotin market) have continued unabated.
The company has tied-up with one of the largest specialty chemical/Organotin stabilizer distributor in USA, having a well-established country wide distribution network. The US Company has continued placing its orders as per their earlier agreement with the company for 2020, and is eyeing a long-term association.
Organotin stabilizer is a US FDA approved product and is the most sought after substitute for the health hazardous lead-based PYC Stabilizers. Organotins are recommended by most international legislations for potable water pipes and fittings and have received extensive global certifications and approvals for food contact applications. USA is the world's largest consumer of Organotin stabilisers - having banned lead and other harmful chemical based PVC stabilizers in the mid-1980's. During FY 2019-20, the Company export to USA was almost 1,000 MTs or Rs. 500 Million in Value terms.
In India too, the demand for Organotin Stabilisers has seen a significant increase after NGT (National Green Tribunal) order which banned the use of Lead-based stabilizers in PVC pipes and has order their systematic phase out. They have recently got an order from HIL Limited (a CK Birla Group Co.), resuming business post-COVID-19 lockdown. Company expects domestic sales to jump significantly post the lockdown as most of the inventory at ground level has been drawn down and the supply pipeline is pushing hard to replenish it.
Vikas EcoTech is the only manufacturer of Organotins in India with in-house RD facilities and is one amongst single digit number of manufacturer worldwide who have the technology and expertise for its manufacturing right from tin metal stage to the final product.
Vikas Ecotech is an emerging player in the global arena of the high-end specialty chemicals players. The Company's incremental innovation engine improvises on both technology and processes to help them produce a product-solution mix which offers a higher value offering to the company's customers across industries.
As an integrated, multi-specialty product solutions company, VEL produces a wide variety of superior quality, eco-friendly rubber-plastic compounds and additives. The Company's rubber-plastic compounds and additives are process critical and value enabling ingredients used to manufacture a varied cross-section of high-performance, environment-neutral and safety-critical products.
From agriculture to automotives, cables to electricals, hygiene to healthcare, polymers to packaging, textiles to footwear, VEL's products serve a diverse range of global industry needs. With the corporate debt reduction program, once approved and put in place, the company may have a stellar position and there may be more opportunities for its growth.
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