Sintex Industries

Sintex Industries, also known as The Bharat Vijay Mills Ltd, is the world's largest producer of plastic water tanks[4] and Asia's largest manufacturer of corduroy fabrics. The Company's borrowings with banks in India have recently been declared as FRAUD and legal proceedings have begun against it.[5] Sintex operates in Europe, America, Africa, and Asia, especially in France, Germany, and the US. It primarily works with building material solutions, textile solutions and custom molding solutions. Sintex manufactures plastic products such as prefabricated structures, industrial custom molding products, monolithic construction and water storage tanks. The company also makes men's shirts.

Sintex Industries Ltd
TypePublic company (BSE: 502742)
IndustryPlastic & Textile
Founded1931, Kalol[1]
Headquarters
Kalol, Gujarat
,
India
Key people
Dinesh B Patel, Chairman & Amit Patel, MD[2]
Revenue₹51,079 million (US$720 million)[3]
WebsiteOfficial Website

Products

Building products
  • Prefabs
  • Monoliths
  • Storage Tanks
  • Containers
  • Doors
  • Plastic Section
  • Custom Moldings
  • Electrical and Power including Wind Turbines
  • Automotive
  • Aerospace
  • Defense
  • Sports and Leisure/recreation
  • Industrial truck and tractors
  • Mass Transit
  • Building and Construction
  • Medical Imaging
  • Transportation
  • Electronics
  • Telecommunications

Textile

The Textile segment adopted the brand name BVM Textiles.

History

Bharat Vijay Mills Limited was incorporated in June 1931 and started a composite textile mill in Kalol, Gujarat that same year. In 1995 it was renamed Sintex Industries Limited. It was listed on Mumbai Stock Exchange in 2000.[6]

Controversy

Punjab National Bank had informed the stock exchanges that it has classified a Rs 1203 crore to Sintex Industries (SIL) as a fraud.[7]

Public sector banks face a hit of close to Rs 6,000 crore on account of their exposure to Sintex Industries. [8]

Punjab & Sind Bank declares Sintex Industries account as fraud.[9]

Sintex Industries Defaults on Rs86 crores of Loan.[10]

References
  1. "Govt's infra, social focus a buoy for Sintex – Money – DNA". Daily News and Analysis. 3 January 2011. Retrieved 24 January 2011.
  2. "Sintex to market Sulo waste management solutions in India". Business Line. 3 June 2005. Retrieved 24 January 2011.
  3. "BSE Plus". Bseindia.com. Retrieved 24 January 2011.
  4. "Superbrand of India" (PDF). superbrandsindia.com. Retrieved 24 January 2011.
  5. "Interview of Mr. Amit Patel, Managing Director, Sintex Industries Limited". Indiainfoline.com. Retrieved 24 January 2011.
  6. "SINTEX History | Sintex Industries Ltd Company History & Profile". The Economic Times. Retrieved 24 January 2011.
  7. Oct 1, Mayur Shetty / TNN /; 2020; Ist, 12:50. "Sintex fraud: Public sector banks may take Rs 6,000 crore hit on Sintex Industries fraud | India Business News - Times of India". The Times of India. Retrieved 2 February 2021.CS1 maint: numeric names: authors list (link)
  8. Oct 2, Mayur Shetty / TNN /; 2020; Ist, 04:00. "PSU banks face Rs 6,000cr Sintex hit - Times of India". The Times of India. Retrieved 2 February 2021.CS1 maint: numeric names: authors list (link)
  9. www.ETBFSI.com. "Punjab & Sind Bank declares Sintex Industries account as fraud - ET BFSI". ETBFSI.com. Retrieved 2 February 2021.
  10. "Sintex Industries Defaults on Rs86 crores of Loan". Moneylife NEWS & VIEWS. Retrieved 2 February 2021.
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