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Recycling participant Vikas Lifecare has acquired a majority stake in textiles firm MSR Apparels Personal Restricted, the corporate in an announcement on BSE.
New Delhi-based Vikas Lifecare in an announcement stated that the acquisition of MSR is a part of its broad-based technique to develop its product portfolio and diversify its futuristic product traces by venturing into the brand new edge companies.
MSR is principally engaged within the manufacturing of all varieties of textile clothes and clothes equipment.
In accordance with an organization assertion, Vikas Lifecare has acquired a 98 per cent stake in MSR Apparels from its present promoters and shareholders. The acquisition was finalised in an all-cash deal for a complete consideration of Rs 125 million or Rs 12.5 crore.
By way of this acquisition, Vikas Lifecare, which has just lately diversified its enterprise pursuits past uncooked supplies, a B2B enterprise, and forayed into the B2C section with a bunch of shopper merchandise together with FMCG, agro and infrastructure merchandise; is coming into into one other important side of the life, textile, clothes and clothes, the corporate stated in an announcement.
Earlier on Monday, Vikas Lifecare posted a manifold leap in its standalone internet revenue at Rs 13.31 crore throughout the June quarter, on account of upper revenue.
The agency had clocked a internet revenue of Rs 2.33 crore within the April-June interval of the previous 2022-23 fiscal, the corporate stated in an announcement. Its complete revenue elevated to Rs 106.30 crore within the quarter beneath assessment, from Rs 88.87 crore within the year-ago quarter. Bills had been at Rs 91.77 crore, as towards Rs 86.71 crore a yr in the past.
Final month, Vikas Lifecare introduced its plans of foraying into manufacturing sensible meters in a 49:51 three way partnership (JV) with Indraprastha Fuel Restricted (IGL). As a part of the settlement, a producing unit shall be set at an preliminary funding of Rs 110 crore to fabricate sensible meters.
Vikas Lifecare recycles plastic waste to fabricate pallets and interlocking tiles for industrial purposes.
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