Sintex group, formerly known as The Bharat Vijay Mills Ltd and Sintex Industries Ltd, is the world's largest producer of plastic water tanks and Asia's largest manufacturer of corduroy fabrics. Sintex operates in

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, America, Africa, and

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, especially in

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, and the US. It primarily works with building materials, textiles, prefabricated structures, custom molding products, monolithic construction and water storage tanks.

History (founding to demerger)

Bharat Vijay Mills Limited was incorporated in June 1931 and started a composite

textile mill Textile Manufacturing or Textile Engineering is a major industry. It is largely based on the conversion of fibre into yarn, then yarn into fabric. These are then dyed or printed, fabricated into cloth which is then converted into useful goods ...

in Kalol, Gujarat that same year. In 1975 it was renamed Sintex Industries Limited and was listed on the

Mumbai Stock Exchange BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange. It is located on Dalal Street in Mumbai. Established in 1875 by cotton merchant Premchand Roychand, a Jain businessman, it is the oldest stock exchange in ...

in 2000. Sintex 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, 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. 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, in June 2019 Sintex Industries was downgraded by CARE Ratings to "issuer non-cooperating" and defaulted on non-convertible

debenture In corporate finance, a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowl ...

s from

Punjab National Bank Punjab National Bank (abbreviated as PNB) is an Indian public sector bank headquartered in Delhi. The bank was founded in May 1894 and is the second largest government-owned bank in India, both in terms of its business volumes and its network ...

. Another default later that year precipitated a plea by

Invesco Invesco Ltd. is an American independent investment management company that is headquartered in Atlanta, Georgia, with additional branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York stock exc ...

Asset Management in December 2020 and Sintex Industries entered bankruptcy in April 2021.

Sintex Plastics Technology Limited

Sintex began a campaign called ReviveOurRivers in October 2017 encouraging people to make a pledge to keep rivers clean. In August 2019, Sintex Plastics sold the entirety of subsidiary Sintex NP SAS to XTECH Invest. The French unit was known as Nief Plastic SA before Sintex acquired it in 2007. In March 2021, Sintex Plastics reported a major fire at the Sanaswadi plant, part of the Sintex-BAPL material subsidiary.

References

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External links

After Durha buyout, Sintex to bid for BOT projects
Plastics companies of India Companies based in Gujarat Manufacturing companies of India Manufacturing companies established in 1931 Indian companies established in 1931 Companies listed on the Bombay Stock Exchange