Welspun Corp Limited (BSE:532144) agree to acquire Sintex Prefab and Infra Limited for INR 4.2 billion on December 21, 2022. Under the terms of transaction, Sintex businesses up for sale because of the bankruptcy process and they have placed a bid for Sintex Prefab. Corporate Insolvency Resolution Process (“CIRP”) of Sintex Prefab & Infra Limited (“SPIL”) under the Insolvency & Bankruptcy Code, 2016, the resolution plan (“Approved Resolution Plan”) submitted by True Guard Realcon Private Limited (“TRPL”) (a related party of Welspun Corp Limited) has been approved by the Hon’ble National Company Law Tribunal, Ahmedabad Bench on December 21, 2022. The Committee of Creditors is under process of approval of the Resolution Plan of the Company. On February 9, 2023, the documents to be executed for the implementation of the acquisition are in the final stages and is expected to be completed on or around February 22, 2023. Darshika Kothari, Suharsh Sinha, Avinash Subramanian of AZB & Partners acted as legal advisors for Welspun.

Welspun Corp Limited (BSE:532144) completed the acquisition of Sintex Prefab and Infra Limited on February 24, 2023.