M&A

M&A

Water tank maker Sintex buys Weetek Plastics for Rs.85-Cr

Economic Times  

Welspun Corporation, part of Welspun Group, through its Gujarat-based subsidiary Sintex BAPL, has acquired 100% of the equity shares and non-cumulative redeemable preference shares of Raipur, Chhattisgarh-headquartered Weetek Plastics for an enterprise value of INR 85 crore. With this, Weetek will become a wholly owned step-down subsidiary of Welspun.Weetek Plastics operates a facility with an annual production capacity of 19,000 metric tonnes. The facility specialises in a range of products, including pipes and fittings, and water storage solutions. Welspun will further enhance the facility’s capability through a fresh round of investments to tap into new regional markets.