Smallcap speciality chemicals manufacturer Vikas Lifecare’s subsidiary has clinched a significant order worth INR 500 million, signalling a strategic move to strengthen its foothold in the premium and organic rice segments. The agro-product division secured the order for rice, with INR 400 million allocated to premium rice varieties and INR 100 million for organic breeds.
Setting ambitious growth targets, the company’s Agro Products Division aims to achieve INR 4,500 million in the current fiscal year, compared to INR 3,600 million in the previous year, targeting a growth rate exceeding 20% year-on-year.
The subsidiary’s recent success follows its previous achievement of securing an order worth INR 495 million from Gujarat Gas Limited, India’s largest city gas distribution (CGD) company. Genesis Gas Solutions, a subsidiary of Vikas Lifecare, has been tasked with supplying 40,000 gas meters to Gujarat Gas.
Gujarat Gas Limited, with 27 CGD licenses spanning across 43 districts in 6 states and one Union territory, is a prominent player in the gas distribution sector. Formed in 2015 through an amalgamation of several entities, Gujarat Gas Limited is a key player in the energy landscape of India.
Vikas Lifecare, known for recycling plastic waste to manufacture pallets and interlocking tiles for industrial applications, holds a 95% equity stake in Genesis. Additionally, the company acts as a Del-Credere agent of ONGC Petro Additions Limited (OPaL).
Beyond its traditional focus on raw materials, Vikas Lifecare has diversified its business interests into the B2C segment, offering a range of consumer products including FMCG, agro, and infrastructure products.
In a strategic move, Vikas Lifecare entered into a joint venture agreement with Indraprastha Gas Limited (IGL) to establish India’s first integrated smart meter manufacturing unit. This initiative aligns with the government’s smart metering initiative, aimed at installing 250 million smart meters across the country by 2025.