Welspun Corp Ltd, the flagship company of the Welspun Group, on Wednesday (November 22) said its wholly-owned subsidiary, Sintex BAPL, has received approval from the Odisha government for its proposal to invest ₹479.47 crore in establishing a manufacturing unit.

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The unit will produce CPVC, UPVC, SWR, agri pipes, PVC fittings, and plastic tanks, boasting an annual capacity of 37,520 tonnes. The proposed facility is slated to be located in Sambalpur, Odisha.

The project, set to unfold over the next three fiscal years, is not only a testament to Sintex BAPL's strategic expansion but also promises to generate employment opportunities for around 1,000 people.

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The State Level Single Window Clearance Authority (SLSWCA), under the guidance of the Odisha chief secretary, granted approval for the project during its 124th meeting.

Welspun Group Chairman B.K. Goenka said, "Sintex is an iconic brand for its water tanks and we keep exploring growth options in existing and new locations. While our entire focus in WST is on re energising retailers, distributors, plumbers, and customers, our foray into the PVC pipes segment will strengthen our presence in the building material verticals further."

Shares of Welspun Corp Ltd ended at ₹539.50, down by ₹10.30, or 1.87%, on the BSE.

(Edited by : Shoma Bhattacharjee)