New Delhi, Jun 23 (PTI) Recycling company Vikas Ecotech on Friday said it is aiming to become debt-free by the financial year 2023-2024.

The company has till date paid a debt of Rs 98.2 crore to its lenders and the outstanding amount remains at Rs 71.8 crore, Vikas Ecotech said in a statement.

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Out of Rs 71.8 crore, the company said it intends to payback Rs 17 crore in the current quarter ending on June 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.

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The company recently bagged fresh orders for specialty compounds valued at Rs 9 crore. The segment has registered Rs 19.7 crore sales so far during the first quarter of the current fiscal.

Besides recycling, the city-based company is also 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 polyethene) pipes.

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