India’s second-largest plastic pipe maker Astral Poly Technik
has made its foray into plastic storage tanks. The company acquired assets of Shree Prabhu Petrochemicals (SPPL) for Rs 51 crore. The company is planning to start tank production in Ahmedabad from April 2021 under the brand name ‘ASTRAL’.
The management said the recovery in sales in pipe and adhesives segments has picked up momentum from the July-September quarter (Q2) onwards and further accelerated in the October-December quarter (Q3).
Analysts at Edelweiss Broking remain positive on Astral due to its strong brand, new product launches, which should continuously increase its addressable market size, and pickup in its core business of plastic piping, backed by the revival in the urban real estate market and government's Jal Jeevan Mission
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