Focus on developing new geographical markets
VHCL Industries announced that as informed earlier to the exchange, the company as part of its restructuring effort has started focusing more on developing new geographical markets around the world and has found some success in this endeavor. The company has decided to hive off its noncore assets / investments to unlock cash flows.The company has received a few interests as well and hence, the management wishes to put up the proposal to the Board for their approval. If approved, the Board may also authorize the holding of an EGM for seeking shareholders" approval for the proposal.
VHCL Industries is one of the largest Company in the field of plastics recycling, and a leader in innovative value added recycled polymer blends. In an attempt to overcome its financial troubles, the Company has been involved in a series of business restructuring activities, including bringing a strategic investor. The above decision is part of this endeavor and aimed towards helping the company overcome the financial constraints presently being faced by the company.
As a part of this restructuring effort, the management has also focused more on developing new geographical markets, especially in the export segment, and has so far succeeded in securing new orders.
The management is expecting the performance to drastically improve in the current fiscal owing to the above mentioned activities.
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