Team Blitz India
Welspun Corp Limited announced on March 27 that its wholly owned subsidiary Sintex BAPL Limited has finalised investment of up to Rs 2,355 crore to set up manufacturing units in Telangana, Odisha, Madhya Pradesh and Jammu & Kashmir. The investment, the company added, will be spread over the next two financial years starting from 2024-25 to 2025-26 and the projects will be funded through a combination of debt and equity.
“The proposed investment is for manufacturing plastic pipes and water storage with a total capacity of roughly 200,000 mt and shall cater to the exponentially growing water storage and distribution segment,” the company said in a regulatory filing.
The investment is in sync with the company’s stated plan at the time of acquisition of Sintex BAPL Limited, to leverage the brand and enter into different types of plastic pipe segments. The market size of plastic pipes used for buildings and infrastructure in India is likely to reach around Rs 65,000 crore in 2030.
Welspun Group Chairman BK Goenka said, “I am glad to share that on the first anniversary of our acquisition of Sintex BAPL, we have finalised the next phase of growth for Sintex. Over the past 50 years, Sintex has been at the forefront in providing water solutions.
Along with improving existing business, foray into new product segments in new locations will further strengthen Sintex brand equity and our B2C market strategy. Recent signing of framework agreement with Rollepaal Pipe Extrusion Technology B.V. ensures our commitment towards superior technology. I strongly believe that our strategic move in Sintex will help in creating substantial value for our stakeholders.”
