Welspun Group has acquired the plastic industry market leader Sintex for Rs Rs 1251 crore, the company said today.
For decades Sintex has been a household name in India for water tanks and other plastic products having a strong distribution network across India.
According to an official statement by Welspun Group, with the acquisition of Sintex, Welspun will be an integral part of many more households nationwide, expanding its building material portfolio which is a huge part of the larger B2C strategy.
Balkrishan Goenka, Chairman of Welspun, said, “As we strengthen our building material portfolio and envision a strong domestic footprints with our diverse businesses, Sintex acquisition is a strategic addition to strengthen our consumer connect and on ground presence. Sintex brand is synonymous to the category and is known for its legacy of quality products.”
With the combination of flooring, water tanks and other interior solutions like doors, windows etc, Welspun is poised to emerge as a strong brand in the category.
Sintex’s auto business already has a strong portfolio of OEM as well as tier 1 customers nationally and globally. The Rototech space of Sintex is another big opportunity for the Welspun Group.
In recent times, Welspun has also been installing manufacturing units for DI Pipes, TMT bars with brand Welspun Shield, Advanced textiles and other capabilities to support the B2C strategy.
After foraying into sectors like warehousing, flooring & advanced textiles to create strong emerging businesses, Sintex is another emerging opportunity for Welspun, the company said.
