Recycling player Vikas Ecotech aims to become debt-free by end of this fiscal

Recycling player Vikas Ecotech is aiming to become debt-free by the end of this fiscal. The company said this while sharing details about the repayment of Rs 12.3 crore to the bankers as part of its pre-defined debt reduction programme. 

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. 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.