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Sintex Industries Ltd
Company typePublic company
IndustryTextile
Founded1931; 93 years ago (1931)[1]
Headquarters
Kalol, Gujarat
,
India
Key people
  • Rahul Patel (chairman and MD)
  • Amit Patel (MD)[2]
Owner
Subsidiaries
  • Bharat Vijay Mills (BVM)
  • Sintex Yarns
  • BVM Overseas Ltd[3]
Websitesintex.in
Sintex BAPL Ltd.
Company typePublic company
IndustryPlastics
Founded2017; 7 years ago (2017)[4]
Headquarters
Kalol
,
India
Key people
  • Amit Patel (chairman and MD)[5]
Owner
Subsidiaries
  • Bright Autoplast (Sintex-BAPL)(India)
  • Sintex Plastics (India)
  • Wausaukee Composites Inc (US)[6]
  • Sintex Infra Projects[7]
Websitesintexplastics.com

Sintex (formerly known as The Bharat Vijay Mills Ltd and Sintex Industries Ltd) is the world's largest producer of plastic water tanks[8] and Asia's largest manufacturer of corduroy fabrics.[9][10][11][12]

The company operates in Europe, America, Africa, and Asia, especially in France, Germany, and the US. It primarily works with building materials, textiles, prefabricated structures, custom molding products, monolithic construction and water storage tanks.

In March 2023, it was announced that, in separate agreements, Sintex Industries Ltd. (SIL) and Sintex Plastics Technology Limited were acquired by Reliance Industries (RIL) and Welspun Group, respectively. After completing the purchase, RIL now holds 70% of SIL's share control and will manage the company jointly with Assets Care & Reconstruction Enterprise (ACRE).[13][14]

History

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Bharat Vijay Mills Limited was incorporated in June 1931 and started a composite textile mill in Kalol, Gujarat that same year. In 1975 it was renamed Sintex Industries Limited and was listed on the Mumbai Stock Exchange in 2000.[15]

Sintex[16] expanded significantly in the 2000s, including the acquisition of U.S.-based Wausaukee Composites. In 2007 the offshore holdings segment, Sintex Holdings BV Netherlands, acquired the automotive branch of Bright Brothers Ltd to form Bright Autoplast, also called Sintex BAPL,[17] and the French company Nief Plastics was acquired, to be later renamed Sintex NP. In 2015 Bright Autoplast signed onto a joint venture with Rototech Group to expand its coverage of automotive applications, calling the joint unit BAPL Rototech.[18]

In 2017 Sintex demerged, with its textiles business remaining under the name Sintex Industries Limited, while the plastics and prefab side became Sintex Plastics Technology Limited.

Sintex Industries Limited

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Despite strong initial showings after the demerger,[4] in June 2019 Sintex Industries was downgraded by CARE Ratings to "issuer non-cooperating" and defaulted on non-convertible debentures from Punjab National Bank.[19] Another default later that year precipitated a plea by Invesco Asset Management in December 2020 and Sintex Industries entered bankruptcy in April 2021.[20]

Sintex Plastics Technology Limited

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Sintex developed an anaerobic digester in 2008 that captures emissions from human waste for use as fuel or for generating electricity.[21]

Sintex began a campaign called ReviveOurRivers in October 2017 encouraging people to make a pledge to keep rivers clean.[22]

In August 2019, Sintex Plastics sold the entirety of subsidiary Sintex NP SAS to XTECH Invest.[23] The French unit was known as Nief Plastic SA before Sintex acquired it in 2007.[24]

In March 2021, Sintex Plastics reported a major fire at the Sanaswadi plant, part of the Sintex-BAPL material subsidiary.[25]

References

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  1. ^ "Govt's infra, social focus a buoy for Sintex – Money – DNA". Daily News and Analysis. 3 January 2011. Retrieved 24 January 2011.
  2. ^ "Sintex Industries Ltd". The Economic Times. Retrieved 20 September 2021.
  3. ^ "Group Companies". Sintex Industries. Retrieved 9 September 2021.
  4. ^ a b "Demerged Sintex Industries Shares Surge 85% On Trading Debut". NDTV. Retrieved 7 September 2021.
  5. ^ "Sintex Plastics Technology CEO and key executive team". craft.co. Retrieved 20 September 2021.
  6. ^ "Group Companies". Sintex Plastics Technology. Retrieved 9 September 2021.
  7. ^ "Sintex demerger: today is cut-off date". The Hindu Business Line. Retrieved 7 September 2021.
  8. ^ "Superbrand of India" (PDF). superbrandsindia.com. Retrieved 24 January 2011.
  9. ^ "Interview of Mr. Amit Patel, Managing Director, Sintex Industries Limited". Indiainfoline.com. Retrieved 24 January 2011.
  10. ^ Ghosh, Shayan (30 September 2020). "PNB declares ₹1,203-cr loan to Sintex Industries as fraud". mint. Retrieved 18 March 2021.
  11. ^ "How Sintex's Attempt To Create Value Destroyed Nearly All Its Wealth". BloombergQuint. July 2019. Retrieved 18 March 2021.
  12. ^ "PNB Reports Rs 1,200 Crore "Borrowing Fraud" By Ahmedabad Firm". NDTV.com. Retrieved 18 March 2021.
  13. ^ "RIL completes acquisition of Sintex, pumps in ₹1,500 crore". Mint. Retrieved 20 July 2023.
  14. ^ "Welspun Group completes acquisition of Sintex BAPL". The Financial Express. Retrieved 20 July 2023.
  15. ^ "SINTEX History | Sintex Industries Ltd Company History & Profile". The Economic Times. Retrieved 24 January 2011.
  16. ^ "After Durha buyout, Sintex to bid for BOT projects". DNA. 30 March 2018.
  17. ^ "Sintex Industries acquires Automotive products business of Bright Brothers Ltd". Equity Bulls. Retrieved 14 September 2021.
  18. ^ Panday, Amit. "Lightweight tech to fuel growth for Bright Autoplast". Autocar Professional. Retrieved 14 September 2021.
  19. ^ "Textile maker Sintex Industries defaults on ₹86 crore of debt". Mint. 12 June 2019. Retrieved 7 September 2021.
  20. ^ Parmar, Beena. "Yarn maker Sintex Industries enters bankruptcy on creditor plea". vccircle. Retrieved 7 September 2021.
  21. ^ Kahn, Jeremy (27 February 2008). "Waste not, want not". CNN Money. Retrieved 25 August 2023.
  22. ^ "Anjali Patil in Revive Our Rivers". Sintex ad campaign. 11 October 2017. Retrieved 4 May 2020.
  23. ^ "Sintex Plastics locked at upper circuit after selling entire stake in subsidiary". Moneycontrol. 13 August 2019. Retrieved 7 September 2021.
  24. ^ Kapur, Narinder. "Sintex Plastics to sell French unit to PE consortium for $173 mn". vccircle. Retrieved 7 September 2021.
  25. ^ "Sintex Plastics Technology expects a loss of Rs52.19cr due to a fire at the Sanaswadi plant". India Infoline. Retrieved 7 September 2021.
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