Welspun acquires Rs.1,128-Cr worth debt of Sintex BAPL

Welspun Group company Welspun Corp Ltd has acquired INR 1,128 crore of debt of Sintex BAPL (SBAPL) - known for its plastic water tanks - for INR 386.9 crore. The debt, in the form of senior secured unlisted non-convertible debentures (NCDs), was acquired by the company's wholly-owned subsidiary Mahatva Plastic Products And Building Materials Pvt Ltd from existing Lenders of SBAPL. Welspun now owns around one-third of the total outstanding debt of the company. The company had also participated in the insolvency resolution process of Sintex group's textile business Sintex Industries.