New Delhi, Oct 31 (PTI) Recycling firm Vikas Ecotech on Tuesday said it has acquired a 100 per cent stake in Vikas Organics Pvt Ltd (VOPL) for a cash consideration of Rs 27 crore.

VOPL 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, Vikas Ecotech said in a regulatory filing.

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On the reason behind the move, Vikas Ecotech said, "It will enhance the company's existing product basket and post completion of this acquisition... it will add Rs 1,000 million (Rs 100 crore) per annum to the top line on consolidated basis... and strengthen... (the) balance sheet."

The acquisition is expected to be completed by December, it added.

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