Welspun Corp.'s subsidiary Sintex BAPL has received approval from the Odisha government for establishing a manufacturing unit in Sambalpur.
The project, worth Rs 479.5 crore, will be implemented over the next three fiscals.
The facility will be used to manufacture CPVC, UPVC, SWR, agri-pipes, PVC fittings and plastic tanks. The factory will hold an annual capacity of 37,520 MT and will generate employment opportunities for 1,000 people, according to an exchange filing on Wednesday.
"Sintex is an iconic brand for its water tanks, and we keep exploring growth options in existing and new locations," Welspun Group Chairperson BK Goenka said. "While our entire focus in WST is on re-energising retailers, distributors, plumbers and customers, our foray into the PVC pipe segment will strengthen our presence in the building material verticals further."
The state-level, single-window clearance authority gave approval for the project at its 124th meeting.
Shares of Welspun closed 2.07% lower at Rs 538.40 apiece on the BSE as compared with a 0.14% advance in the benchmark Sensex.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
