Welspun Group acquires water tank maker Sintex for Rs 1,251 cr

Welspun Group on Thursday said it has acquired water tank maker Sintex for Rs 1,251 crore to expand its building material portfolio.

In a statement, Welspun Group said Sintex has been a household name in India for decades for water tanks and other plastic products. It has a strong distribution network across India.

''With its acquisition, 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,'' the steel to textiles group said.

The acquisition was acquired in a Rs 1,251-crore deal, it added.

Balkrishan Goenka, Chairman of Welspun, said, ''As we strengthen our building material portfolio and envision a strong domestic footprints with our diverse businesses, the Sintex acquisition is a strategic addition to strengthen our consumer connect and on-ground presence''.

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