AHMEDABAD, August 22, 2023: Sintex BAPL Limited (Sintex), the pioneers in the Water Storage Tanks, has been recently acquired by Welspun World, a leading Indian multi-national conglomerate with varied business interests across categories. This acquisition (through CIRP) marks a huge step towards reviving the Sintex’s operations and positioning it for a strong comeback in the market.
This unique opportunity enables Welspun for an extensive re-evaluation of operations and clears the path for impactful decisions to achieve the company’s potential to the fullest. A spokesperson for Welspun said, “The principle of clean slate under IBC provides us with the opportunity to implement effective strategies and bolster Sintex’s operations and market share. We at Welspun are committed to the welfare of employees, however the current market situation demands certain decisions to streamline operations and control costs, which will help Sintex regain its lost glory and reclaim market share that it deserves.”
Aligned to the revival and growth plan of Sintex, the Company has decided to relieve certain employees from the services of the Company in accordance with applicable laws. As a group committed to ethical business practices, appropriate legal provisions have been followed and will keep following in the future.
The group firmly believes that streamlining of operations will enable Sintex to revive and grow to regain its glory to increase the market share multi-folds.
Corporate Comm India (CCI Newswire)
