The proposed investment for the manufacturing facility is Rs 400 crore. The project is likely to be implemented over the next six quarters and create employment opportunities for about 350 people, it added.

The company said that more details regarding this investment will be finalized and shared in due course.

Commenting on the development, Vipul Mathur, MD & CEO, Welspun Corp, said, “As a stated strategy, Sintex has already announced its foray into the Plastic Pipes segment while, simultaneously improving its market share in Water Storage Tanks segment. Welspun Corp is already successfully running its Line Pipe manufacturing operations in Madhya Pradesh and the current development will further strengthen our relationship.”

Welspun Corp is primarily engaged in business of manufacture and distribution of steel and steel products.

The company’s consolidated net profit stood at Rs 291.86 crore in Q3 FY24, steeply higher from Rs 23.24 crore posted in Q3 FY23. While net sales stood at Rs 4,749.71 crore, up 97.7% year on year in Q3 FY24.