SRF acquires Thai firm for Rs 100 crore

MUMBAI: Technical textile manufacturer SRF Ltd on Monday said it has completed the acquisition of Thailand-based Thai Baroda Industries (TBIL) for Rs 100 crore.

In a filing to the Bombay Stock Exchange SRF Ltd announced the closure of the acquisition of TBIL. "All financial dues as per the restructuring plan have been paid," the SRF Group subsidiary said.

Aiming to become a global player, the domestic firm, in May, had signed a definitive agreement with the Thai firm.

TBIL has an annual production capacity of 12,000 tonnes of dipped nylon tyre cord fabric with annual sales of about USD 50 million.

Post acquisition, and with four production units in India and one wholly-owned subsidiary in Dubai, the total annual capacity of tyre cord of SRF now stands at 65,000 tonnes.

Shares of SRF closed at Rs 138.20, up 3.76 per cent on the BSE.