New Delhi, Oct 16 (PTI) Recycling player Vikas Ecotech on Monday said its board has approved the evaluation of a consolidation proposal of the company with Vrindaa Advanced Materials.

The board of directors of the company in a meeting held on Monday granted in-principle approval for evaluating consolidation proposal of the company with Vrindaa Advanced Materials (VAML) and also appointed Price Waterhouse & Co LLP for the evaluation of consolidation proposal from tax and regulatory perspective, Vikas Ecotech said in a regulatory filing.

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"The board believes that such consolidation would create a larger and stronger entity, subject to statutory, regulatory and other approvals including relevant third-party consents. This will help to pool in the experience, expertise, resources and client base of the two companies," it said.

According to the filing, New Delhi-based VAML is engaged in the business of speciality polymer compounds. During the financial year ended March 31, 2023, its total income stood at Rs 192.5 crore. It is a debt-free entity.

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"Vikas EcoTech (board) clears merger proposal with Vrindaa Advanced Materials Limited," the company said in a separate statement.

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