High-end speciality chemicals manufacturer approves purchase of equity stake in SSPL

High-end speciality chemicals manufacturer Vikas Ecotech has stated that its board of directors has approved the purchase of an equity stake of Shamli Steels Private Limited (SSPL) from its existing shareholders.

"...purchase of the Infrastructure Leasing & Financial Services Limited (IL&FS) Group’s equity stake in M/s Baleshwar Kharagpur Expressway Limited (“BKEL”),"it added.

Earlier, the company bought a 100 per cent stake in plasticizer maker Vikas Organics.

Vikas Organics is into manufacturing of plasticisers, a raw material for finished plastic products and owns and operates a plant of 12,000 metric tonne per annum in Daman, it said in a regulatory filing.

The company manufactures a wide range of differentiated PET (polyethylene terephthalate) compounds and PVC (polyvinyl chloride) compounds through recycling. The company recently secured orders worth Rs 22.5 crore for specialty polymer compounds. The company stated, through an exchange filing, that it intends to fulfil these orders within the next 30-45 days, with the completion date set for February 15, 2023.

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.