Ahmedabad:  Welspun World today stated it has recently acquired Sintex BAPL Limited (Sintex). Welspun said this acquisition (through CIRP) marks a step towards reviving Sintex’s operations and positioning it for a comeback in the market.

Aligned with the revival and growth plan of Sintex, the Company said it has decided to relieve certain employees from the services of the Company in accordance with applicable laws. As a group committed to ethical business practices, appropriate legal provisions have been followed and will keep followed in the future said the company in its press statement. 

A spokesperson for Welspun said, “The principle of clean slate under IBC provides us with the opportunity to implement effective strategies and bolster Sintex’s operations and market share. We at Welspun are committed to the welfare of employees, however the current market situation demands certain decisions to streamline operations and control costs, which will help Sintex regain its lost glory and reclaim market share that it deserves.”

“The group firmly believes that streamlining of operations will enable Sintex to revive and grow to regain its glory to increase the market share multi-folds,” the statement further added.