The investment will fuel Sintex's aggressive growth plans as it continues to rapidly shift its business model towards B2C/retail segment, the company said in a statement.
Sintex Plastics Technology has reported their first set of earnings after the demerger from the parent company -- Sintex Industries. In an interview to CNBC-TV18, Samir Joshipura, Group CEO of the company spoke about the results and his outlook going ahead.
Sintex Industries demerged its plastic division into Sintex Plastics Technology in May 2017.
The boards of both the companies have passed resolutions to hike the limit of foreign investment to up to 74 per cent, RBI said.
With this demerger plan, Sintex intends to streamline various businesses developed by the Group.
Vikram Suryavanshi, Philip Capital said now with the approvals for the demerger in place, the company will approach BSE or NSE to get the listing date on the exchanges.
Samir Joshipura, Group CEO, Sintex is very optimistic of the plastic business growing at 15-20 percent post the demerger.
Plastic products manufacturer Sintex Industries shares gained nearly 8 percent intraday Friday on board approval for demerger of custom moulding and prefab segments.