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Welspun Corp Limited has announced that its wholly owned subsidiary Sintex BAPL has entered into an MOU with the state government of Telangana to set up a manufacturing unit in the state with upto Rs. 350 crore investment.
The proposed project is under the state governments incentive scheme and will be manufacturing water tanks and pipes. Along with growing its market reach in water tanks segment, Sintex, a national iconic brand, plans to make its foray into pipes business through this project, which will have a mix of different types of PVC pipes and fittings.
The total investment will spread over next three financial years. The project design is at an early stage and the initial investment will not exceed Rs. 50 crore on land and infrastructure in the current financial year (FY24). More details regarding this will be shared in due course.
Commenting on the development, Welspun Group Chairman, B. K. Goenka said, "As a group we have been running our operations in the state already and this project will create further employment in the state. Sintex is an iconic brand for its water tanks and foray into PVC pipes segment will strengthen our presence into the building material verticals further." |
