Prince Pipes chairman Jayant Chheda raises stake in Vikas Ecotech

He has invested Rs 34 cr in the company that supplies lead-free additives for plastics industry

Last Updated : Jan 18 2017 | 12:59 PM IST

Jayant Chheda, chairman Prince Pipes & Fittings Pvt Ltd, has raised his stake in the New Delhi-based Vikas Ecotech Ltd to over 8 percent from present 1.26 percent with Rs 34 crores equity infusion. While Prince Pipes & Fittings Ltd is India’s third largest PVC pipes manufacturer, Vikas Ecotech Ltd (VEL) manufactures organotin heat stabiliser - a lead-free alternative additive used in plastics industry.

Jayant Chheda commented, "Similar to global trends, I see Indian PVC pipe manufacturing in particular and plastics industry in general shifting to lead-free stabilisers and eco-friendly chemical alternatives like organotins over the next 3-5 years. In this context, Vikas Ecotech is the only Indian company that has built in-house industrial performance ready product and solutions basket that is free of lead & other harmful chemicals and serves as an eco-friendly alternative. It will help the PVC and other plastic based industries to become environment friendly."

He added, "My investment in an individual capacity is with the sole intention of being part of Vikas Ecotech's exciting future growth journey enabled through a great societal benefit - lead-free products and a green world for our future generations."

Vikas Garg, managing director, VEL, stated, "Our resolve always has been to shift the industry towards eco-friendly and lead-free products & solutions. We look forward to Jayant Chheda's business acumen and strategic guidance to further cement our market and innovation leadership as an Indian entity." Prince Pipes & Fittings is already a long-term and strategic customer of VEL.

The union government enacted a legislation to ban the use of lead inn decorative home paints segment in the last Parliament session. Similar legislation is expected to be promulgated for other sectors. "We believe a similar legislation bores well for the country and India's PVC industry," said Garg.

Vikas Ecotech will utilise Rs 34 crore for expansion of its R&D facilities, setting up new manufacturing plants and strengthening its marketing efforts for both domestic and exports markets.