Vikas Ecotech announced that the company has reduced Rs 20 crore debt and the plan for reduction of the balance Rs. 25.5 crore of the planned Debt Reduction of Rs. 45.5 crore as the 1st Phase, has been submitted to the consortium of banks for their concurrence, this part will be repaid as soon as the relevant formalities are completed which is expected within the current quarter.
In regard to the 2nd Phase of Debt Reduction planned through Sales of Non-Core, Non-Business Assets it has also been initiated with the execution of Agreement to sell for the Land & Building at Sambha, Jammu.
The sale proceeds will be utilized towards further Debt Reduction.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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