Vikas Ecotech ventures into conventional energy with Rs 0.2 bn order

Vikas Ecotech (VEL) made an announcement about its new venture into the realm of conventional energy. This decision followed the reception of a substantial Rs 0.2 billion order for coal supply from Prism Johnson, a prominent cement manufacturer. The scheduled supplies for this order are set to commence within the next 15 days and will reach completion by October 31, 2023, according to a statement released by the company.Vikas Ecotech has successfully secured a significant contract worth Rs 0.2 billion for the delivery of coal to Prism Johnson, a company backed by the Rajan Raheja Group.With a robust focus on business expansion, Vikas Ecotech has been actively exploring various avenues within the energy sector. This includes not only the conventional energy sources commonly used in India but also the burgeoning domains of renewable and eco-friendly energy.The company's primary business domain involves the creation of specialty polymers designed for applications spanning sectors such as electrical engineering, infrastructure development, packaging, and automotive manufacturing, among others.In a strategic diversification move, Vikas Ecotech is broadening its portfolio by entering the manufacturing of steel pipes and MDPE (medium-density polyethylene) pipes.The official statement emphasised the company's entrance into the conventional energy market with its coal supply endeavours. This move is seen as a decisive step toward establishing a strong presence within the energy business sector, particularly given coal's major role as an energy source in India.Vikas Ecotech's forward-looking strategy also encompasses explorations into renewable energy materials and products. This includes a keen interest in solar energy, gas-based solutions, and the cutting-edge domain of hydrogen fuel cells, showcasing the company's commitment to embracing the latest advancements in sustainable energy technologies.