Vikas Ecotech Clears Rs 119 Crore Loan, Aims to be Debt-Free

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 2023–24," 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.