Vikas Multicorp Ltd. announces board meeting; to evaluate various opportunities
Jan 05, 2021
New Delhi [India], January 5 (ANI/NewsVoir): BSE and NSE listed Vikas Multicorp Ltd., in their release to the exchanges, announced its agenda of the board meeting scheduled to be held on 12 January 2021 in which, other than the 3rd quarter results that would be approved, the board is scheduled to "Evaluate various business opportunities including acquisition of the existing business(s)/assets, consequent change in Main Objects and Name of the company to signify its core business activities."
Although there is no official word on the new business opportunity in the notice given to the exchanges, there could be chance of substantial investment in the pharmaceutical business. VML would have two main verticals, going ahead- FMCG businesses relating to Food Protection and Personal Hygiene segment & Cashew nuts and the 2nd vertical being Pharmaceutical products.
Over the last few months, Albula Investment Fund, LTS Investment Fund, and Alintosch Pharma (Baidyanath group) have all picked up stake in Vikas Multicorp Ltd.
Vikas Multicorp Ltd. had earlier announced that it had constituted an Advisory Board consisting of eminent personalities with the purpose of providing guidance and act as a sounding board to the senior leadership team in the company including the Board of Directors. The nature of the board is non-statutory status and members will be invited to join the Advisory board based on past credentials.
VML had announced last year that it will enter the food protection and personal hygiene segment of the FMCG industry with an investment of approximately Rs 100 crore in two years. The company has ventured into the 'Food protection and Personal Hygiene' segment of FMCG Industry with acquisition of prestigious Brands for Aluminium Foil and Tissues 'HOMEFOIL', 'CHAPATIWRAP', 'CLEANWRAP' and 'MISTIQUE'. VML intends to acquire further businesses as well as expand its footprint all over India.
Vikas Multicorp said the demand of aluminum foil and tissue paper products in India has been growing at a fast pace and is expected to continue to grow in view of present per capita consumption is quite low.
These brands have evolved over a period of three decades and are well-established names in the domestic market, enjoying very visible and prominent presence in the market at more than 10 Lac retail counters across the nation besides being sold to prestigious institutional customers like Taj Group of Hotels, Meridian, Maurya Sheraton, Oberoi, Inter-continental, Hyatt, Marriott and all other big hotels, all the big hospitals like Apollo, Escorts, Max, Gangaram, Vimhans, Fortis, Moolchand, etc., Airlines like Air India, Jet Airways, Jet light, Alliance Air etc., Canteen Stores Department (CSD), and Railways and Airport Authority of India.
In addition, these brands enjoy a significant presence in all big retail chains and online platforms. These brands also have recognition in International markets, especially in the UK, Middle East and European countries. The Company is planning to foray in to complete solutions for Food Protection, and Packaging Personal Hygiene needs of Indian households at one-stop-shop.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
