Corporate Development     

Published: December 15, 2024
Updated: December 15, 2024

Vikas Lifecare Limited

Signs technology transfer pact with Advanced System Lab., DRDO for biodegradable plastics

Vikas Lifecare Limited (BSE: 542655, NSE: VIKASLIFE), has entered into a Technology Transfer Agreement with the Advanced Systems Laboratory (ASL), DRDO, Ministry of Defence, Government of India, Hyderabad. This collaboration centers around the breakthrough technology developed by DRDO for “Granules for Biodegradable Bags,” offering a sustainable alternative to conventional single-use polyethylene bags. While DRDO is primarily known for its work in defence and strategic technology, it also undertakes research and development in areas with significant civilian applications, including environmental sustainability and industrial advancements.

The biodegradable granules technology developed by DRDO and licensed to VLL offers significant economic benefits. It provides a cost-effective alternative to traditional polyethylene bags, aligning with the growing global demand for eco-friendly packaging solutions. The Indian plastic packaging market is projected to reach a size of USD 25.35 billion by 2029 from USD 21.77 billion, registering a CAGR of 3.09% during 2024-2029. This growth highlights the rising demand for innovative and sustainable packaging solutions, such as biodegradable alternatives, which can significantly benefit from Vikas Lifecare Limited’s collaboration with DRDO. Additionally, the use of biodegradable granules reduces long-term environmental clean-up expenses, supporting a circular economy and contributing to India’s efforts toward sustainability and global competitiveness.

Under this agreement, DRDO grants VLL a non-exclusive license to manufacture these bio-degradable granules in India and market them both domestically and internationally for the next 10 years. The technology transfer includes comprehensive support from DRDO, encompassing detailed drawings, specifications, material sources, samples, testing protocols, and all relevant documentation to ensure seamless implementation. This corporation underscores a pivotal move towards sustainability, marking a transformative milestone in the global effort to reduce plastic pollution.

VLL was actively engaged in the recycling of plastic waste, for fulfilling the Extended Producer Responsibility (EPR) mandates and contributing to a circular economy. Building on this foundation, VLL is now focusing on pioneering efforts in biodegradable plastics technology through its association with DRDO. This shift represents a strategic move toward offering sustainable alternatives to conventional plastics, addressing environmental concerns more comprehensively

Vikas Lifecare Limited (VLL) is an ISO 9001:2015 certified company, conventionally engaged in manufacturing and trading of Polymer and Rubber compounds and Specialty Additives for Plastics, Synthetic & Natural Rubber. Polymer & Rubber Commodity (bulk consumption) Compounds and Master-Batches (Manufacturing up- cycled compounds from industrial and post-consumer waste materials like EVA, PVC, PP, PE etc.), contributing to the Environment Protection initiatives from the Government of India and fulfilling the mandated EPR obligations for the conglomerates consuming hundreds of thousands of tons of plastic products and packaging materials.

VLL’s subsidiary M/s Genesis Gas Solutions Pvt. Ltd. (GGSPL) is engaged in the business of Smart Gas Meters being supplied to all the major Gas Distribution Companies for domestic and commercial consumers. Genesis pioneers in Smart Gas Metering and commands about 20% share in the Domestic Gas Metering market in India. In June 2023, under a joint venture agreement between Indraprastha Gas Limited (IGL) and Genesis Gas Solutions Private Limited (GGSPL) a joint venture company IGL GENESIS TECHNOLOGIES LIMITED was incorporated which is in the process of establishing a plant for manufacturing Gas Meters based on the technology know-how from Hangzhou Beta Meters, the largest Gas Meter Producer in the world, along-with the indigenous software developed by Genesis using LORA WAN technology for the wireless connectivity for the Smart Meters. The plant will start operations within the FY 2024~25.

As a long-term business strategy, the company has most recently diversified its business interests beyond raw materials (B2B businesses) and forayed into the B2C segment with a host of consumer products including FMCG, Agro, and Infrastructure Products; paving way for an aggressive business growth with intricately planned and making continuous additions to the products & services portfolios via acquisitions, joint ventures and tieups. The Company continues spreading its arms under entertainment sector with a new venture in film production. This strategic move marks Vikas Lifecare Limited’s entry into the dynamic world of cinema, leveraging its expertise in creativity and innovation to deliver captivating and thoughtprovoking content to audiences worldwide