Mumbai (Maharashtra) [India] September 29 (ANI/NewsVoir): Baidyanath family picks-up a 1.74 per cent stake in Vikas Multicorp Ltd. According to sources, Alintosch Pharmaceuticals Pvt Ltd, reportedly a Baidyanath group company, bought 1.16 crore shares from the open market amounting to 1.74 per cent stake in VML.
VML has recently announced its foray into the FMCG space. Sources indicate this may just not be a financial investment transaction but, maybe something more between the two groups by way of joint projects is on the way.
Sources indicated this might be a business relationship wherein both the partners will enter into some sort of joint business utilizing each other's key strengths. Also, this might not be the end of the stake purchase by the Baidyanath group in VML and they may look to increase it further.
BSE and NSE listed Specialty chemicals firm Vikas Multicorp Ltd had earlier announced that it had constituted an Advisory Board consisting of eminent personalities with the purpose of providing guidance and act as a sounding board to the senior leadership team in the company including the Board of Directors.
The nature of the board is non-statutory status and members will be invited to join the Advisory board based on past credentials.
Enters the FMCG segment with Rs 100 crore investment
VML had recently announced that it will enter the food protection and personal hygiene segment of the FMCG industry with an investment of approximately Rs 100 crore in two years.
The company has ventured into the 'Food protection and Personal Hygiene' segment of the FMCG industry with the acquisition of prestigious brands for aluminium foil and tissues 'Homefoil', 'Chapatiwrap', 'Cleanwrap' & 'Mistique'. VML intends to acquire further businesses as well as expand its footprint all over India.
Vikas Multicorp said the demand for aluminum foil and tissue paper products in India has been growing at a fast pace and is expected to continue to grow in view of present per capita consumption is quite low.
These brands have evolved over a period of three decades and are well-established names in the domestic market, enjoying a very visible and prominent presence in the market at more than ten lakh retail counters across the nation besides being sold to prestigious institutional customers like the Taj Group of Hotels, Meridian, Maurya Sheraton, Oberoi, Inter-continental, Hyatt, Marriott, and all other big hotels, all the big hospitals like Apollo, Escorts, Max, Gangaram, Vimhans, Fortis, Moolchand, etc., Airlines like Air India, Jet Airways, Jet light, Alliance Air, etc, Canteen Stores Department (CSD), and Railways and Airport Authority of India.
In addition, these brands enjoy a significant presence in all big retail chains and online platforms. These brands also have recognition in International markets, especially in the UK, Middle East, and European countries.
The company is planning to foray in to complete solutions for food protection and packaging personal hygiene needs of Indian households at a one-stop-shop.
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