Polymer products trading firm Vikas Lifecare is planning a capital expenditure of about Rs 120 crore to expand operations, the company said on Friday. The company also plans to hire 250-300 people to support its new projects, the NSE-listed company said in a statement.

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Under the expansion plans, the company will set up an ethanol project on a 20-acre land parcel and agri projects on 100-120 acres of land, the statement said. "The land parcels are to be bought in Lucknow and Chandigarh," it added.

"The worldwide demand for polymer-related products is rising and will sustain for the long haul. We have recorded good result numbers and therefore we are expecting good revenue from it. The domestic and export demand interest after the pandemic has been strong too," Vikas Lifecare managing director S K Dhawan said.

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"We are seeing increased demand from our current and new clients accordingly. It is an ideal opportunity for expansion and development to reinforce organization's market position by multiplying our creation from the current levels, Dhawan added.

Shares of the company closed 4.63 percent higher at Rs 5.65 apiece on NSE. Vikas Lifecare is engaged in the business of trading and manufacturing of polymer and rubber compounds and specialty additives for plastics, synthetic and natural rubbers. It is also engaged in agro products business.

(Edited by : Jomy Jos Pullokaran)

First Published:Mar 11, 2022 8:10 PM IST