Welspun Group announced on Thursday that it had purchased water tank manufacturer Sintex for Rs 1,251 crore in order to diversify its line of building materials. Welspun Company claimed in a statement that Sintex has produced water tanks and other plastic goods for decades and has become a household name in India. In India, it has a robust distribution network.

According to the steel to textiles group, “With its acquisition, Welspun will be a vital component of many more households across the country, growing its construction material range, which is a big element of the larger B2C strategy.”

The acquisition was acquired in a Rs 1,251-crore deal, it added. Balkrishan Goenka, Chairman of Welspun, said, “As we strengthen our building material portfolio and envision a strong domestic footprints with our diverse businesses, the Sintex acquisition is a strategic addition to strengthen our consumer connect and on-ground presence”.