The Welspun Group said it was expanding Sintex into new business segments including pipes, aiming to capture five per cent of India’s pipes market within seven years.
Sintex, historically known for its plastic water storage tanks, was acquired by Welspun in March 2023 through an insolvency resolution process for Rs.1,251 crore. The Goenka family-promoted group repositioned the brand for a broader play across water and electrical solutions.
Yashovardhan Agarwal, Managing Director, Welspun BAPL and Director, Sintex, said the company had entered new categories such as water transportation (pipes), water treatment and recycling, alongside its core storage business. It also worked on expanding into electrical boxes, with future plans to add cable wires “Our plan is to get into all the different categories. We are in the storage for water tanks. We are getting into transportation, which is the full range of pipes. We will get into the treatment of water as well,” said Agarwal.
The company had already begun prototyping in the pipes segment and aimed to establish a nationwide presence within a year. Welspun also planned to take Sintex into water recycling, including reclamation and rainwater harvesting.
“We have already announced, last year, Rs.2,400 crore as investment in capacity, in which Rs.300 crore to Rs.350 crore has already been invested,” said Agarwal. He added that Welspun had inherited five manufacturing locations and added three more.
Among the additions were a new plant in Sonipat for water tanks and a facility in Bhopal for the complete range of pipes. The group also acquired Raipur-based Weetek Plastics for Rs.75 crore and began tripling its capacity.
Given high freight costs in the water tank business, Welspun realigned Sintex’s production footprint for better logistics. “All three will be open within the next quarters,” said Agarwal.
Sintex currently generates around Rs.600 crore in revenue. Following the acquisition, Welspun exited some verticals and focused on water storage tanks, which showed a 12 per cent growth in the premium segment.
“So that runway has started coming. In quarter four last year and this quarter, we have had big growth,” said Agarwal. “When we acquired the company, it was in shambles. You have to fix the company inside. You have to bring transparency. Now the results are going to come back.”
Agarwal said the group was ambitious about the pipes segment, which has a market size roughly 12 times that of water tanks. “Our ambitious target is to have 5 per cent in less than seven years. The whole ballpark will change,” he said.
The Indian pipes market is projected to reach Rs.1.3 lakh crore by FY30, growing at around 12 per cent annually.
In the Rs.6,000 crore water tank market, Sintex holds a 10 per cent share. The company said it aimed to expand its offerings to more price-sensitive segments and reach tier II and III cities.
“The biggest advantage of Sintex is, we are known even in tier III cities. So that real brand printing, which has to happen for the majority of India, it’s there. That’s why we are very bullish about this,” said Agarwal.
