Sintex

The story begins in 1931 in Kalol, Gujarat, with the incorporation of The Bharat Vijay Mills Ltd, a composite textile mill. For decades, this was its identity. The turning point came in 1975 when the company established a plastics division. This division would eventually create the iconic black water tanks that made 'Sintex' a household name across India, becoming the world's largest producer of plastic water tanks. Under the leadership of the Patel family, the company, renamed Sintex Industries Ltd in 1995, expanded aggressively. It entered new segments like custom moulding for the automotive industry and acquired companies in Europe and the US. However, this diversification into textiles, plastics, and infrastructure created a complex structure. To unlock value, a major decision was made. In 2017, the company underwent a significant demerger. The core textiles business remained with Sintex Industries Ltd, while the plastics and prefab businesses were spun off into a new, separately listed entity called Sintex Plastics Technology Limited (SPTL). The move, intended to streamline operations, proved challenging. Both entities were saddled with debt. Facing financial distress, both companies eventually went through insolvency proceedings. This led to a landmark event in 2023: two of India's largest conglomerates stepped in. Reliance Industries, along with Assets Care & Reconstruction Enterprise, acquired the original textiles business, Sintex Industries Ltd. Simultaneously, the Welspun Group acquired the plastics business, Sintex-BAPL (a subsidiary of SPTL), for Rs 1,251 crore, committing to revive the brand synonymous with water storage.