Recycling company Vikas Ecotech on Monday said it has paid Rs 101 crore dues to its lenders and is aiming to become debt-free by financial year 2023-24.
"The company has till date paid a debt of Rs 1012 million (Rs 101.2 crore) to its lenders and the outstanding amount remains at Rs 600 million (Rs 60 crore)," Vikas Ecotech said in a statement.
Out of Rs 60 crore, the company said it intends to pay back Rs 10 crore in the current quarter ending September 30, 2023.
"Management of the company, while undertaking this debt reduction programme on persistence and support extended by the promoters and other stakeholders of the company, decided to become 100 per cent debt-free entity within FY 2023-2024 and since then continuously reducing its bank-debt in a gradual manner," it said.
The company manufactures a wide range of differentiated PET (polyethylene terephthalate) compounds and PVC (polyvinyl chloride) compounds from recycling process for a variety of industrial applications.
Besides recycling, the New Delhi-based company is engaged in the business of specialty polymers for applications in sectors like electrical, infrastructure, packaging, and automotive, among others.
Vikas Ecotech is also expanding its business portfolio by manufacturing steel pipes and MDPE (medium-density polythene) pipes.