By IANS,
Chennai : India’s leading industrial fabrics and nylon tyre maker SRF Ltd has acquired a South Africa-based firm for Rs.200 million ($4.65 million) to become the world’s second largest company in the industrial belting fabrics business.
Post acquisition, the new entity of SRF Ltd and South Africa’s Industex Technical Textiles would be called SRF Industex Belting, the company said Tuesday.
With this deal, “SRF improves its world ranking from the third largest player to second largest player in the belting fabrics business,” the statement said.
SRF, which has eight plants in India and offices in 60 countries, manufactures technical textiles, nylon tyres, packging films, fluorochemicals, and refrigerant gases.
The South African company has an annual production capacity of approximately 3,500 tonnes of belting fabrics with annual sales of around $16 million.
“We are excited about SRF’s second acquisition, as it firmly places SRF’s belting business on a global map. More importantly, it gives us an opportunity to enter Africa, a continent of the future,” SRF managing director Ashish Bharat Ram said.
The acquisition comes soon after SRF took over the Rs.1 billion Thai Baroda Industries Ltd, a Thailand-based tyre cord company, in May this year.