Vikas Lifecare Ltd Company Summary

Vikas Lifecare Ltd Summary

Vikas Lifecare Limited was originally incorporated as Vikas Multicorp Limited in 1995. The Company changed the name from Vikas Multicorp Limited to Vikas Lifecare Limited by passing a Special Resolution upon change of name and fresh Certificate of incorporation issued by the Registrar of Companies, NCT Delhi on April 09, 2021. The Company operates in the business of recycling plastic waste and trading of polymer compounds, manufacturing of polymers compounds.Until 2019, the business of Company was engaged in the trading of various Polymer Compounds such as Ethylene-Vinyl Acetate (EVA Compounds), Polyvinyl Chloride Resins (PVC resins), Chlorinated Parrafin, Polyethylene Compound (PE Compounds) and Thermoplastic Rubber Compounds (TPR Compounds). However, subsequent to acquisition of Recycled and Trading Compounds Division of group concern Vikas Ecotech Limited under the Scheme of Arrangement, the Company started manufacturing Polymer Compounds such as PE Compound, Polyvinyl Chloride Compound (PVC Compounds), V lend SOE Compound, Polypropylene Compounds (PP granules), TPR Compounds from FY 2019-20 onwards. The Company is a Del Credere agent of ONGC Petro Additions Limited (OPAL). The Company has a single manufacturing plant located at Shahjahanpur, in Rajasthan. The Company business is divided into two major segments which includes recycling materials and trading of Polymer Compounds.During the period 2021, the Company acquired Recycled and Trading Compounds Division of group concern Vikas Ecotech Limited through demerger, thus shifting the entire manufacturing of recycled material in the Company and hence putting greater emphasis on taking this production process to greater heights. Post demerger, the Company acquired the Recycling and Upcycling Division from the Demerged Company i.e. Vikas Ecotech Limited, pursuant to which the Company had to incur extra expenses to carry out the new manufacturing and recycling process that came along with the acquisition of new business segment .The Scheme of Arrangement between the Company and Vikas Ecotech Limited (the Demerged Company) and their respective Shareholders and Creditors of two companies for demerger of Trading unit Business undertaking as a going concern into the Company on 01st April 2017, was sanctioned by the Honble National Company Law Tribunal, New Delhi vide Order dated 31st October, 2018 and the Scheme became effective from 01st April 2017. During the year 2019-20, pursuant to the Scheme of Arrangement, Shareholders of Vikas Ecotech Limited were allotted equity shares of the Company in the ratio of 1:1. In December 2020, the Company also initiated trading in raw and finished cashew nuts to pursue one of the business strategies to venture into FMCG Industry. The Company acquired 51.38% stake in M/s Shashi Beriwal & Co. Pvt Ltd on October 14, 2022. Accordingly, M/s Shashi Beriwal & Co. became subsidiary in year 2022-23. The Company also acquired 30% stake in FMCG Retail Chain Stores Ardh Sainik Canteen on October 10, 2022. The Company reduced its entire stake i.e. 17.51% in Advik Laboratories Limited on November 11, 2022. The Joint Venture Company IGL Genesis Technologies Limited got incorporated on June 15, 2023.The Company acquired 98% stake in MSR Apparels Private Limited on April 22, 2023, making it a subsidiary in 2023-24. Later on, the Company has sold its entire stake i.e. 98% of MSR Apparels Private Limited on March 20, 2024 and therefore MSR ceased to be Subsidiary of Company.In 2023-24, the Company diversified its business interests beyond raw materials, a B2B business, and forayed into the B2C segment with a host of consumer products including FMCG, Agro, and Infrastructure Products; is entering into another essential aspect of the life, Textile, Garments and Clothing. The Company has acquired Genesis Gas Solutions Private Limited, a company engaged in the business developing Smart Products including Smart Gas Meters & Power Distribution solutions for the ever-expanding infrastructure in India in 2024.