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

New Delhi: 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". PTI ABI ABI BAL BAL