Latest News | Vikas Lifecare Plans Rs 120 Cr Capex to Expand Operations

New Delhi, Mar 11 (PTI) Polymer products trading firm Vikas Lifecare is planing a capital expenditure of about Rs 120 crore to expand operations, the company said on Friday.

The company also plans to hire 250-300 people to support its new projects, the NSE-listed company said in a statement.

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Under the expansion plans, the company will set up an ethanol project on a 20-acre land parcel and agri projects on 100-120 acres of land, the statement said. "The land parcels are to be bought in Lucknow and Chandigarh," it added.

“The worldwide demand for polymer-related products is rising and will sustain for the long haul. We have recorded good result numbers and therefore we are expecting good revenue from it. The domestic and export demand interest after the pandemic has been strong too," Vikas Lifecare Managing Director S K Dhawan said.

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"We are seeing increased demand from our current and new clients accordingly. It is an ideal opportunity for expansion and development to reinforce organization's market position by multiplying our creation from the current levels,” Dhawan added.

Shares of the company closed 4.63 per cent higher at Rs 5.65 apiece on NSE.

Vikas Lifecare is engaged in the business of trading and manufacturing of polymer and rubber compounds and specialty additives for plastics, synthetic and natural rubbers. It is also engaged in agro products business.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)