VLL's agro products division secures orders worth Rs 500 million
Earlier, the recycling player's subsidiary bagged an order worth Rs 495 million from Gujarat Gas Limited, India’s largest city gas distribution (CGD) company.
Vikas Lifecare's subsidiary has won an order worth Rs 500 million. According to the company, agro product division has secured an order for rice, valued at about Rs 500 Million, bolstering its presence in the premium and organic rice segments. Of the present orders, Rs 400 Million are attributed to premium rice varieties, while the remaining Rs 100 million represent orders for organic breeds of rice.
"The company's Agro Products Division has set an ambitious target of Rs 4,500 Million for the current F.Y., as compared to Rs 3,600 Million achieved in the preceding FY, targeting a 20+ per cent growth on YoY basis," the company said in the filing.
Earlier, the recycling player's subsidiary bagged an order worth Rs 495 million from Gujarat Gas Limited, India’s largest city gas distribution (CGD) company.
According to an exchange filing, Genesis Gas Solutions has been awarded orders to supply 40,000 gas meters from Gujarat Gas.
Gujarat Gas Limited has 27 CGD licenses spread across 43 districts in 6 states and one Union territory in the states of Gujarat, Maharashtra, Rajasthan, Haryana, Punjab and Madhya Pradesh and the Union Territory of Dadra & Nagar Haveli. Gujarat Gas Limited came into being on March 30 2015, upon an amalgamation of GSPC Gas Company Limited, Gujarat Gas Company Limited, Gujarat Gas Financial Services Limited and Gujarat Gas Trading Company Limited into Gujarat Gas Limited formerly GSPC Distribution Networks Limited.
Vikas Lifecare, which recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications, owns 95 per cent equity in Genesis. Vikas Lifecare is also a Del-Credere agent of ONGC (Oil and Natural Gas Corporation Ltd.) Petro Additions Limited (OPaL) - a public sector undertaking producing a wide variety of base polymers and commodity plastic raw materials.
The firm recently diversified its business interests beyond raw materials and forayed into the B2C segment with a host of consumer products including FMCG, agro and infrastructure products.
Earlier, it entered into a joint venture agreement with Indraprastha Gas Limited (IGL) to set up India's first integrated smart meter manufacturing unit. The manufacturing plant is being set up jointly by the two companies at a capital expenditure of Rs 110 crore. Notably, the government has launched a smart metering initiative to install 250 million smart meters across the country by 2025.
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