Vikas Lifecare shares rise as its subsidiary forms joint venture;

On Monday, Vikas Lifecare’s shares increased by roughly 3% to Rs 3.15, commanding a market valuation of more over Rs 450 crore.

It also provides a wide variety of base polymers and commodity raw material to ONGC. — *The business segments in which Vikas Lifecare is active include master-Batches, compounds, and commodity polymer and rubber.*

INTRODUCTION

Following the company’s announcement that it had entered into a joint venture (JV) agreement with Indraprastha Gas (IGL), via its subsidiary, to establish a new production facility, shares of Vikas Lifecare increased by 3% on Monday during trade.

The first integrated smart metre manufacturing plant in India will be established through a joint venture between Vikas Lifecare’s subsidiary Genesis Gas Solutions and Indraprastha Gas Limited (IGL), according to the business in an exchange filing.

The company noted in the exchange filing that the planned joint venture’s name is IGL Genesis Technologies and that it was established on June 15, 2023. It stated that the factory will require capital investments of Rs 110 crore.

Following the news, Vikas Lifecare’s shares increased by roughly 3% on Monday to Rs 3.15, resulting in a market valuation of more over Rs 450 crore.

In accordance with the joint venture agreement, Genesis subscribed 4,90,000 equity shares, or 49% of the newly incorporated entity’s capital, compared to 5,10,000 equity shares, or 51%, subscribed by IGL.

In addition to building a gas metre manufacturing facility, the company will continue to sell, distribute, and supply gas metres as well as continue to offer services for metre asset management.