Propel Plastic Products Private Limited and Plastauto Private Limited signed a letter of intent to acquire Sintex-BAPL Limited from Sintex Plastics Technology Limited on February 6, 2023. Committee of Creditors has approved the acquisition. The acquisition is subject to National Company Law Tribunal approval. As of March 17, 2023, NCLT has approved the plan. As of March 29 2023. Propel has discharged the consideration to the creditors of SBAPL for an amount aggregating INR 1,251 million in the form of Upfront Cash in terms of the Approved Resolution Plan. Consolidated Turnover of the Target for last year is INR 934 million. Suharsh Sinha and Avinash Subramanian of AZB & Partners acted as legal advisor to Welspun corp, parent of Propel Plastic Products Private Limited and Plastauto Private Limited.

Propel Plastic Products Private Limited and Plastauto Private Limited completed the acquisition of Sintex-BAPL Limited from Sintex Plastics Technology Limited on March 29, 2023. RBSA Capital Advisors LLP acted as a financial advisor to Sintex-BAPL Limited.