Recycling firm Vikas Ecotech to foray into realty

Recycling player Vikas Ecotech on Thursday announced its foray into the building and infrastructure sector with an investment of Rs 115 crore.

The company said it has partnered with Nice Apartment Constructions -- a developer of commercial and residential projects -- to execute its plans.

''The estimated cost of projects is about Rs 1,150 million, including the cost of lands as well as the costs to be incurred for the construction and development of commercial buildings at three locations in Gurugram, Haryana,'' Vikas Ecotech said in a statement.

Out of the planned investment, Rs 400 million (Rs 40) has been utilised in April 2023 towards the land parcels acquired through auctions.

Besides recycling, the city-based company engaged in the business of speciality polymers for applications in sectors like electrical, infrastructure, packaging, and automotive, among others.

Vikas Ecotech is also expanding its business portfolio by manufacturing steel pipes and MDPE (medium-density polyethene) pipes.