Welspun Corp Limited said that its step-down subsidiary, Sintex Advance Plastics Limited (SAPL), is going to set up a manufacturing facility for plastic pipes and water storage tanks in Madhya Pradesh. In a filing to the exchanges on March 1, Welsun said the investment for this proposed venture is approximately Rs 400 crore.
The project, expected to be implemented over the next six quarters, is set to generate employment opportunities for approximately 350 people, it stated.
Welspun Corp also said that additional details regarding this substantial investment will be finalised and communicated in due course.
The virtual ground-breaking ceremony for the proposed facility took place during the 'Invest MP Regional Industry Conclave' at Ujjain, Madhya Pradesh, in the presence of CM Mohan Yadav and Vipul Mathur, MD and CEO of Welspun Corp Ltd, the company said.
Vipul Mathur, MD and CEO of Welspun Corp Limited said that this development signifies a noteworthy achievement in their dedication to innovation, excellence and community advancement. Welspun Corp has already established a successful line pipe manufacturing operations in Madhya Pradesh and this latest initiative will further solidify their collaboration, Mathur added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
