Vikas Ecotech further reduced debt as it embarks on journey to become debt-free
Vikas Ecotech, NSE: VIKASECO, has informed stock exchanges through a regulatory filing that it has paid back ₹522.20 million debt. The company’s total amount of bank-debt has been reduced to ₹791.30 million and overall bank-debt to ₹908.70 million till date.
Vikas Ecotech is a leading provider of high-end specialty chemicals. The company aims to cut the debt further as it has set a target to become 100 per cent debt-free by the end of the financial year 2023-24.
“…the company has paid back ₹52.20 million approx., taking the total amount of bank-debt reduced to Rs. 791.30 million and the overall bank-debt reduction to Rs. 908.70 million till date,” the company said in a filing on May 2.
“It is pertinent to submit that the company goal of becoming a 100% debt free entity within FY 2023-2024 under Debt Reduction Program, on persistence and support extended by the promoters of the company,” the filing added.
The Delhi-based 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.
Back in January this year, the R&D division collaborated with King Khalid University, Saudi Arabia, on ‘A process for the designing of conducting polymer nanocomposites on activated carbon membrane for the removal of bacterial contamination from polluted wastewater’.
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.