New Delhi, May 11 – Welspun Group is setting ambitious goals for Sintex, a company it acquired through insolvency, aiming to significantly expand its market presence. The group, led by the Goenka family, is targeting a 5% share in the competitive Indian pipes market within the next seven years. This marks a bold new direction for Sintex, traditionally known for its plastic water storage tanks, as it ventures into a broader range of sectors, including pipes, water recycling, electrical boxes, and even cable wires.
Welspun's Aggressive Strategy for Sintex's Growth
Sintex is undergoing a transformation under Welspun's leadership, with a strategic focus on diversifying into multiple segments. Yashovardhan Agarwal, Managing Director of Welspun BAPL and Director at Sintex, emphasized that the company is expanding its portfolio, stating, "Our plan is to get into all 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."Expansion into Pipes and Water Recycling
Welspun has already begun prototyping its pipes business and expects to establish a nationwide presence in the segment within the next year. The company is also venturing into water recycling, focusing on the reclamation and re-harvesting of water. Agarwal revealed that the group is investing Rs 2,400 crore in expanding Sintex’s capacity, with Rs 300-350 crore already allocated.Significant Investment in Capacity Expansion
The group’s efforts are aimed at strengthening Sintex’s manufacturing capabilities. After acquiring Sintex in March 2023 through the corporate insolvency resolution process for Rs 1,251 crore, Welspun has focused on capacity expansion and plant optimization. The company now operates eight manufacturing locations and plans to increase capacity in several others. Notably, Welspun has already acquired Weetek Plastics in Raipur for Rs 75 crore and is working on tripling its capacity.Focus on Tier II & III Cities
In the water storage tank segment, Sintex is shifting its focus to the more affordable segment, especially in Tier II and III cities. Sintex, which currently holds a 10% market share in the water storage market, plans to expand its footprint beyond premium customers. Agarwal expressed confidence in the brand's recognition, stating, "Sintex is known even in Tier III cities, which gives us a distinct advantage in targeting the majority of India."A Promising Future for Sintex
Sintex's future looks promising, with a strong growth trajectory for its water storage tanks and aggressive plans for its pipes business. The Indian pipes market is expected to grow at 12% annually and reach Rs 1.3 lakh crore by FY30. With this in mind, Welspun’s goal of achieving a 5% market share in less than seven years appears feasible.Additionally, Sintex continues to invest in its electrical product range, including junction and meter boxes, which are now the fastest-growing segment within the Sintex portfolio. With over 900 distributors across India, Sintex is expanding its base and enhancing its operational performance to meet the increasing demand for its products.