Sintex forays into Madhya Pradesh with state-of-the-art manufacturing facility

Welspun Corp Limited's step down subsidiary, Sintex Advance Plastics Limited (SAPL), proposes to set up a manufacturing facility for Plastic Pipes and Water Storage Tanks in Madhya Pradesh for an approx. investment of Rs 400 crore. The project is likely to be implemented over the next six quarters and create employment opportunities for about 350 people.

The ground-breaking for the proposed facility was held virtually in presence of Dr. Mohan Yadav, Hon'ble Chief Minister of Madhya Pradesh & Mr Vipul Mathur, MD & CEO, Welspun Corp Ltd. during the 'Invest MP Regional Industry Conclave' at Ujjain, Madhya Pradesh.

Commenting on the development, Welspun Corp Limited, MD & CEO, Mr Vipul Mathur said, "As a stated strategy, Sintex has already announced its foray into the Plastic Pipes segment while, simultaneously improving its market share in Water Storage Tanks segment. This momentous occasion marks a significant milestone in our commitment to innovation, excellence, and community development. Welspun Corp Limited is already successfully running its Line Pipe manufacturing operations in Madhya Pradesh and the current development will further strengthen our relationship. As we embark on this exciting journey, we extend our heartfelt gratitude to the government of Madhya Pradesh for their unwavering support and encouragement."

Shares of Welspun Corp Limited was last trading in BSE at Rs. 532.80 as compared to the previous close of Rs. 510.40. The total number of shares traded during the day was 96601 in over 2963 trades.

The stock hit an intraday high of Rs. 543.50 and intraday low of 518.80. The net turnover during the day was Rs. 51676958.00.

Source : Equity Bulls

Keywords

WelspunCorp INE191B01025 SintexAdvancePlastics NewFacility PlasticPipes WaterStorageTanks MadhyaPradesh