Prince Pipes Chairman Elevates Stake in Vikas Ecotech
New Delhi, India: Jayant Chheda, Chairman Prince Pipes & Fittings Pvt Ltd, has elevated his stake in Vikas Ecotech Ltd to over 8 per cent from existing 1.26 per cent with ` 34 crores equity infusion.

While Prince Pipes & Fittings Ltd is India's third largest PVC pipes manufacturer, Vikas Ecotech Ltd (VEL) manufactures organotin heat stabiliser - a lead-free substitute additive used in plastics industry.

Jayant Chheda noted, "Similar to global trends, I see Indian PVC pipe manufacturing in particular and plastics industry in general shifting to lead-free stabilisers and eco-friendly chemical alternatives like organotins over the next 3-5 years. In this framework, Vikas Ecotech is the only Indian company that has built in-house industrial performance ready product and solutions basket that is free of lead & other harmful chemicals and serves as an eco-friendly alternative. It will help the PVC and other plastic based industries to become environment friendly."

He added, "My investment in a specific capacity is with the solitary purpose of being part of Vikas Ecotech's stimulating future growth journey empowered through a great social benefit - lead-free products and a green world for our future generations."

Vikas Garg, Managing Director, VEL, specified, "Our resolve always has been to shift the industry towards eco-friendly and lead-free products & solutions. We look forward to Jayant Chheda's business insight and strategic leadership to advance cement our market and innovation leadership as an Indian entity." Prince Pipes & Fittings is at present a long-term and strategic customer of VEL.

The union government sanctioned a legislation to ban the use of lead in decorative home paints segment in the last Parliament session. Alike legislation is anticipated to be publicized for other sectors. "We trust a similar legislation bores well for the country and India's PVC industry," said Garg.

Vikas Ecotech will employ 34 crore for expansion of its R&D facilities, setting up new manufacturing plants and strengthening its marketing efforts for both domestic and exports markets.