INDIA: Sintex Spins Off Textile Arm Into Separate Unit

Plastics firm Sintex Industries is to spin off its textiles division into a separate firm called Bharat Viay Mills. This new company has a paid-up capital of Rs70 lakh and will be responsible for textile operations which previously accounted for around 40 per cent of Sintex's turnover. The demerger was approved by the Sintex board back in June as part of a plan to revamp of its operations, separate two unrelated areas of businesses, and make way for a joint venture collaboration. The two divisions have always operated independently and the break-away should be completed by 1 April 2002.