Vikas Ecotech Clears Rs 119 Crore Loan, Aims to be Debt-Free
Dec 13, 2023 11:23
Vikas Ecotech has repaid Rs 119 crore in loans and aims to become debt-free by the end of FY 2023-24. The company is a leading recycler of PET and PVC.
New Delhi, Dec 13 (PTI) Recycling player Vikas Ecotech on Wednesday said it has cleared its loan of Rs 119 crore and aims to become debt-free by the end of this fiscal.
With the latest repayment, the outstanding debt of the company now stands at Rs 42.5 crore, Vikas Ecotech said in a statement.
"In this fiscal, we have repaid Rs 118.70 crore to our lenders till date. Now, our aim is to become a debt-free company by the end of FY 202324," a company official said in the statement.
The company manufactures a wide range of differentiated PET (polyethylene terephthalate) compounds and PVC (polyvinyl chloride) compounds through recycling.
Besides recycling, the New Delhi-based company is also engaged in the business of producing specialty polymers for applications in sectors like electrical, infrastructure, packaging, and automotive, among others.
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