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Mumbai (Maharashtra) [India], January 13 (ANI/NewsVoir): BSE and NSE listed Vikas Multicorp Ltd. had recently announced the outcome of its Board meeting held on 12 January, 2021.
Vikas Multicorp Ltd. Board has approved the proposal to enter into Pharmaceutical and Healthcare business and also in principally approved the acquisition of Advik Laboratories Ltd., a BSE listed Pharmaceuticals Manufacturing company and to enter into a non-binding, Memorandum of Understanding (MOU) with the promoters of Advik Laboratories Ltd.
VML has also formed a Committee of Directors for Initiation of Pharma and Healthcare business and to help implementation of the proposed acquisition of Advik. Advik Laboratories has an established infrastructure facility to manufacture quality pharmaceuticals for both, domestic and export markets.
The company, Advik, has been supplying Pharma products to large Indian Pharma companies like Dr Reddy Laboratories Ltd., Cadila Pharmaceuticals Ltd., Abbott India Ltd. and Torrent Pharmaceuticals Ltd., etc. Advik has also been exporting its products mainly to countries in South East Asia and the African continent.
VML would now 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.
This announcement comes in addition to the company's earlier announcement 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' & '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 significant presence in all big retail chains and online platforms. These brands also have recognition in International markets, especially in 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.
The company is taking another forward stride with its Board's in principal approval of Advik Laboratories Ltd. acquisition. 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.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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