Vikas to be listed back in BSE, trading from Aug 27

Chennai, Aug 21 (UNI) After overcoming a six-year-long ordeal, Vikas WSP Limited, the largest manufacturer of Guar Gum Polymers and its derivatives, will be listed back in the Bombay Stock Exchange (BSE) and trading will resume from August 27.

Company Managing Director B D Aggrawal told reporters here today that the stocks of the company, listed on the BSE was suspended from October 2001 following allegations by its competitors.

The Central Economic Intelligence Bureau probed the affairs of the company and directed investigating agencies like Income Tax, Customs and Central Excise, Company Affairs department and Director General of Foreign Trade to conduct indiscreet investigations.

The Securities Exchange Board of India (SEBI) had also conducted a probe and the final verdict of these investigations revealed that there were no incriminating activities.

On the basis of these reports, the BSE had revoked the suspension of trading in equity shares of the company and the trading would now resume from August 27, Mr Aggrawal said.

The company would set up a guar derivative plant at Bikaner and Baroda with an investment of Rs 700 crore for manufactre of Hydroxy Propylguar (HPG), Carboxy Methyl Hydroxy Propylguar (CMHPG) and Cationic Guar.

While HPG and CMHPG were used for fracturing of deeper and hotter oils and gas wells, cationic guar was used in personal care products like bar soaps, shampoos, lotions, conditioners and also for speciality paper making.

The plant would become operational by 2010-11 and the company was eyeing a turnover of Rs 400 to Rs 450 crore from these two plants to achieve a total turnover of Rs 1,200 to Rs 1,250 crore by 2010-11.

UNI