Vikas Lifecare spurts on acquiring stake in domestic retail chain

11 Oct 2022 , 09:46 AM

Vikas Lifecare said the move is aimed at extending its retail footprint across India. The company said that it was eyeing a space for itself in the retail market segment including e-commerce market place for the consumer products including the agro products business segment expanding exponentially during the recent 12-18 months. As a strategic investment, Vikas Lifecare will focus on expanding and broad-basing ASC business operations. ASC is a unique concept for chain of retail stores, owned by Abhhyam Services, wherein canteen (retail) stores are being operated/opened across India by the retired paramilitary personnel/family members of existing jawans at their hometowns. The present ASC network comprises 600 running canteens, 140+ vendor partners, 12 running depots and 4500+ canteen requests in process. Its portfolio of consumer goods includes grocery, personal care, fashion, stationery, electronics and home care products. The online sales are made through www.ahhyam.com pursuing an e-commerce model and rendering home delivery services. ASC aims to set up at-least one canteen in each tehsil and one small canteen in each village. ASC is currently present in 150+ Tehsils across India with an aim to reach 5600 Tehsils with 4500+ applications in process for opening new canteens. ASCs turnover for March 2022 was Rs 19 crore, Rs 4.3 crore in March 2021 and Rs 14.38 lakh in March 2020. Vikas Lifecare has been engaged in various business segments including polymer & rubber commodity (bulk consumption) compounds and master-batches. manufacturing up-cycled compounds from industrial and post-consumer waste and scrap materials like EVA, PVC, PP, PE etc. The company most forayed into the B2C segment with a host of consumer products for FMCG, agro, and infrastructure segments On a consolidated basis, net profit of Vikas Lifecare surged 684.85% to Rs 2.59 crore on 282.57% spurt in net sales to Rs 92.20 crore in Q1 June 2022 over Q1 June 2021. Powered by Capital Market – Live News