{{Short description|Indian plastic company}} {{EngvarB|date=February 2014}} {{Use dmy dates|date=February 2014}} {{Infobox company | name = Sintex Industries Ltd | type = Public company | traded_as = {{Unbulleted list|{{BSE was|502742}}|{{NSE was|SINTEX}}}} | logo = Logo for Sintex Industries after demerger.png | caption = | foundation = {{start date and age|1931}}<ref>{{cite web|url=http://www.dnaindia.com/money/report_govt-s-infra-social-focus-a-buoy-for-sintex_1489455 |title=Govt's infra, social focus a buoy for Sintex – Money – DNA |work=Daily News and Analysis |date=3 January 2011 |access-date=24 January 2011}}</ref> | founder = | location_city = [[Kalol (Gandhinagar)|Kalol]], Gujarat | location_country = India | area_served = | key_people = {{ubl|Rahul Patel {{smaller|(chairman and [[Managing director|MD]])}}|Amit Patel {{smaller|([[Managing director|MD]])}}<ref>{{cite web |title=Sintex Industries Ltd. |url=https://economictimes.indiatimes.com/sintex-industries-ltd/stocks/companyid-13963.cms |website=The Economic Times |access-date=20 September 2021}}</ref>}} | num_employees = | revenue = | operating_income = | net_income = | assets = | equity = | industry = Textile | subsid = {{ubl|Bharat Vijay Mills (BVM)|Sintex Yarns|BVM Overseas Ltd<ref>{{cite web |title=Group Companies |url=http://www.sintex.in/group-companies/ |publisher=Sintex Industries |access-date=9 September 2021}}</ref>}} | owner = {{ubl|[[Reliance Industries]] {{smaller|(2023–present)}}}} | products = | homepage = {{URL|sintex.in}} }} {{Infobox company | name = Sintex BAPL Ltd. | type = Public company | traded_as = {{Unbulleted list|{{BSE|540653}}|{{NSE|SPTL}}}} | logo = | caption = | foundation = {{start date and age|2017}}<ref name="ndtv">{{cite web |title=Demerged Sintex Industries Shares Surge 85% On Trading Debut |url=https://www.ndtv.com/business/demerged-sintex-industries-shares-surge-85-on-trading-debut-1703754 |website=NDTV |date=25 May 2017 |access-date=7 September 2021}}</ref> | founder = | location_city = Kalol | location_country = India | area_served = | key_people = {{ubl|Amit Patel {{smaller|(chairman and [[Managing director|MD]])}}<ref>{{cite web |title=Sintex Plastics Technology CEO and key executive team |url=https://craft.co/sintex-plastics-technology/executives |website=craft.co |access-date=20 September 2021}}</ref>}} | num_employees = | revenue = | operating_income = | net_income = | assets = | equity = | industry = Plastics | subsid = {{ubl|Bright Autoplast (Sintex-BAPL)(India)|Sintex Plastics (India)|Wausaukee Composites Inc (US)<ref>{{cite web |title=Group Companies |url=https://www.sintexplastics.com/group-companies/ |publisher=Sintex Plastics Technology |access-date=9 September 2021}}</ref>|Sintex Infra Projects<ref>{{cite web |title=Sintex demerger: today is cut-off date |url=https://www.thehindubusinessline.com/markets/stock-markets/sintex-demerger-today-is-cutoff-date/article9710864.ece |website=The Hindu Business Line |date=23 May 2017 |access-date=7 September 2021}}</ref>}} | owner = {{ubl|[[Welspun Group]] {{smaller|(2023–present)}}}} | products = | homepage = {{URL|sintexplastics.com}} }} '''Sintex''' (formerly known as ''The Bharat Vijay Mills Ltd'' and ''Sintex Industries Ltd'') is the world's largest producer of plastic water tanks<ref>{{cite web|url=http://www.superbrandsindia.com/images/brand_pdf/consumer_3rd_edition/Sintex.pdf |title=Superbrand of India |publisher=superbrandsindia.com |access-date=24 January 2011}}</ref> and Asia's largest manufacturer of corduroy fabrics.<ref>{{cite web|url=http://www.indiainfoline.com/Research/LeaderSpeak/Interview-of-Mr.-Amit-Patel-Managing-Director-Sintex-Industries-Limited/14216356 |title=Interview of Mr. Amit Patel, Managing Director, Sintex Industries Limited |publisher=Indiainfoline.com |access-date=24 January 2011}}</ref><ref>{{Cite web|last=Ghosh|first=Shayan|date=2020-09-30|title=PNB declares ₹1,203-cr loan to Sintex Industries as fraud|url=https://www.livemint.com/industry/banking/pnb-declares-rs-1-203-cr-loan-to-sintex-industries-as-fraud-11601481829650.html|access-date=2021-03-18|website=mint|language=en}}</ref><ref>{{Cite web|title=How Sintex's Attempt To Create Value Destroyed Nearly All Its Wealth|url=https://www.bloombergquint.com/business/how-sintexs-attempt-to-create-value-destroyed-nearly-all-its-wealth|access-date=2021-03-18|website=BloombergQuint|date=July 2019 |language=en}}</ref><ref>{{Cite web|title=PNB Reports Rs 1,200 Crore "Borrowing Fraud" By Ahmedabad Firm|url=https://www.ndtv.com/india-news/pnb-reports-rs-1-200-crore-borrowing-fraud-by-sintex-industries-2303529|access-date=2021-03-18|website=NDTV.com}}</ref>
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).<ref>{{Cite web|url=https://www.livemint.com/companies/news/ril-completes-acquisition-of-sintex-pumps-in-rs-1-500-crore-11680166990658.html|title=RIL completes acquisition of Sintex, pumps in ₹1,500 crore|work=Mint|access-date=2023-07-20|language=en}}</ref><ref>{{Cite web|url=https://www.financialexpress.com/industry/welspun-group-completes-acquisition-of-sintex-bapl/3027745/|title=Welspun Group completes acquisition of Sintex BAPL|work=The Financial Express|date=31 March 2023 |access-date=2023-07-20|language=en}}</ref>
==History== Bharat Vijay Mills Limited was incorporated in June 1931 and started a composite [[textile mill]] in [[Kalol (Panchmahal)|Kalol]], Gujarat that same year. In 1975 it was renamed Sintex Industries Limited and was listed on the [[Mumbai Stock Exchange]] in 2000.<ref>{{cite web|url=https://economictimes.indiatimes.com/sintex-industries-ltd/infocompanyhistory/companyid-13963.cms |title=SINTEX History | Sintex Industries Ltd Company History & Profile |work=The Economic Times |access-date=24 January 2011}}</ref>
Sintex<ref>{{Cite news|url=https://www.dnaindia.com/business/report_after-durha-buyout-sintex-to-bid-for-bot-projects_1480869|title=After Durha buyout, Sintex to bid for BOT projects|date=2018-03-30|work=DNA|language=en-US}}</ref> 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,<ref>{{cite web |title=Sintex Industries acquires Automotive products business of Bright Brothers Ltd |url=https://www.equitybulls.com/admin/news2006/news_det.asp?id=18847 |website=Equity Bulls |access-date=14 September 2021}}</ref> 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.<ref name="autocar">{{cite web |last1=Panday |first1=Amit |title=Lightweight tech to fuel growth for Bright Autoplast |url=https://www.autocarpro.in/feature/lightweight-tech-fuel-growth-bright-autoplast-22669 |website=Autocar Professional |access-date=14 September 2021}}</ref>
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=== Despite strong initial showings after the demerger,<ref name="ndtv"/> in June 2019 Sintex Industries was downgraded by [[CARE Ratings]] to "issuer non-cooperating" and defaulted on non-convertible [[debenture]]s from [[Punjab National Bank]].<ref>{{cite web |title=Textile maker Sintex Industries defaults on ₹86 crore of debt |date=12 June 2019 |url=https://www.livemint.com/companies/news/textile-maker-sintex-industries-defaults-on-86-crore-of-debt-1560348893842.html |publisher=Mint |access-date=7 September 2021}}</ref> Another default later that year precipitated a plea by [[Invesco]] Asset Management in December 2020 and Sintex Industries entered bankruptcy in April 2021.<ref name="bankruptcy">{{cite web |last1=Parmar |first1=Beena |title=Yarn maker Sintex Industries enters bankruptcy on creditor plea |url=https://www.vccircle.com/yarn-maker-sintex-industries-enters-bankruptcy-on-creditor-plea/ |website=vccircle |access-date=7 September 2021}}</ref>
===Sintex Plastics Technology Limited=== Sintex developed an [[Anaerobic digestion|anaerobic digester]] in 2008 that captures emissions from human waste for use as fuel or for generating electricity.<ref>{{cite web |last1=Kahn |first1=Jeremy |title=Waste not, want not |url=https://money.cnn.com/2008/02/26/news/international/kahn_biogas.fortune/index.htm?postversion=2008022704 |archive-url=https://web.archive.org/web/20080229230452/http://money.cnn.com/2008/02/26/news/international/kahn_biogas.fortune/index.htm?postversion=2008022704 |url-status=dead |archive-date=29 February 2008 |website=CNN Money |access-date=25 August 2023 |date=27 February 2008}}</ref>
Sintex began a campaign called ReviveOurRivers in October 2017 encouraging people to make a pledge to keep rivers clean.<ref>{{Cite news|url=https://www.thedrum.com/news/2017/10/11/sintex-educates-people-about-sewage-disposal-emotive-campaign|title=Anjali Patil in Revive Our Rivers|date=2017-10-11|work=Sintex ad campaign|access-date=2020-05-04|language=en-US}}</ref>
In August 2019, Sintex Plastics sold the entirety of subsidiary Sintex NP SAS to XTECH Invest.<ref>{{cite web |title=Sintex Plastics locked at upper circuit after selling entire stake in subsidiary |date=13 August 2019 |url=https://www.moneycontrol.com/news/business/stocks/sintex-plastics-locked-at-upper-circuit-after-selling-entire-stake-in-subsidiary-4330801.html |publisher=Moneycontrol |access-date=7 September 2021}}</ref> The French unit was known as Nief Plastic SA before Sintex acquired it in 2007.<ref>{{cite web |last1=Kapur |first1=Narinder |title=Sintex Plastics to sell French unit to PE consortium for $173 mn |url=https://www.vccircle.com/sintex-plastics-to-sell-french-unit-to-pe-consortium-for-173-mn/ |website=vccircle |access-date=7 September 2021}}</ref>
In March 2021, Sintex Plastics reported a major fire at the Sanaswadi plant, part of the Sintex-BAPL material subsidiary.<ref>{{cite web |title=Sintex Plastics Technology expects a loss of Rs52.19cr due to a fire at the Sanaswadi plant |url=https://www.indiainfoline.com/article/news-top-story/sintex-plastics-technology-expects-a-loss-of-rs52-19cr-due-to-a-fire-at-the-sanaswadi-plant-121050700398_1.html |publisher=India Infoline |access-date=7 September 2021}}</ref>
==References== {{Reflist|30em}}
==External links== * [http://www.sintex.in Official Sintex Industries website] * [http://www.sintexplastics.com Official Sintex BAPL Ltd. website]
[[Category:Plastics companies of India]] [[Category:Companies based in Gujarat]] [[Category:Manufacturing companies of India]] [[Category:Manufacturing companies established in 1931]] [[Category:Indian companies established in 1931]] [[Category:Companies formerly listed on the Bombay Stock Exchange]] [[Category:Companies formerly listed on the National Stock Exchange of India]] [[Category:2023 mergers and acquisitions]]