Vikas Ecotech, NSE: Vikas has informed the stock exchanges through a regulatory filing that it has paid back 522.20 million loan. The total amount of bank-debt of the company has been reduced 791.30 million and overall bank-loan 908.70 million so far.
Vikas Ecotech is a leading provider of high-end specialty chemicals. The company aims to further cut debt as it aims to be 100 per cent debt-free by the end of financial year 2023-24.
“…the company has paid back 52.20 million approx., reducing the total amount of bank-loan to Rs. 791.30 million and the reduction in overall bank-credit stood at Rs. 908.70 million till date,” the company said in a filing on May 2.
“It is pertinent to submit that the company aims to become a 100% debt free unit within the financial year 2023-2024 under debt reduction programme,” the filing said.
The Delhi-based company’s R&D division is a DSIR-accredited facility under the Ministry of Science and Technology. It is engaged in several cutting-edge scientific research projects.
In January this year, the R&D division collaborated with King Khalid University, Saudi Arabia on ‘A Process for Designing Conduction of Polymer Nanocomposites on Activated Carbon Membranes for the Removal of Bacterial Contamination from Polluted Wastewater’.
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