Welspun completes Sintex-BAPL acquisition for ₹1,251 cr

Welspun Group, a leading conglomerate with interest in textile, steel, line pipes and flooring solutions, has acquired water tanks and other plastic product maker Sintex-BAPL for ₹1,251 crore.

The resolution plan of the company was approved by the National Company Law Tribunal, Ahmedabad, on March 17. In a separate deal, earlier this month, Mukesh Ambani-led Reliance Industries completed its ₹3,567-crore acquisition of textile company Sintex Industries, a month after the National Company Law Tribunal approved the transaction.

The Sintex-BAPL deal was executed by Welspun Corporation Propel Plastic Products and another group company Plastauto. Following the execution of the deal, both the unlisted Welspun companies will be merged to Sintex-BAPL.

The company’s re-constituted board of directors also executed a business transfer agreement and hived-off its auto business to Plastauto for ₹110 crore.

HBL