Sintex BAPL, a wholly-owned subsidiary of Welspun Corp, has signed a memorandum of understanding (MoU) with the Government of Telangana to establish a manufacturing plant in the state with an investment of more than Rs 350 crore.

Sintex seeks to foray into the pipes business with this project, which will include various types of PVC pipes and fittings. The proposed project, which will manufacture water tanks and pipes, is part of the state government's incentive program.

The entire investment will be spread over three fiscal years. The project is still in its early stages, and the initial investment on land and infrastructure would not exceed Rs 50 crore in the current financial year.

The Group operates in the state, and this project will create additional jobs. This entry into the PVC pipes vertical will enhance the company's footprint in the building material verticals while also expanding its market reach in the water tanks segment.