Refex to test US mkt for HFC gas

Chennai-based Refex Refrigerants, which is engaged in the business of refilling non-ozone depleting refrigerant gases, has entered the capital market with a public issue of 3.8 million equity shares of Rs 10 each at a premium of Rs 55 per share aggregating Rs 24.70 crore. The issue, which opened on July 23, closes on July 26.

The company plans to use the issue proceeds to fund expansion of its Hydro FluoroCarbons (HFCs) refilling plant capacity from 480 MT cylinders per annum to 3,000 MT.

The company aims to export HFCs to the US. It plans to source HFCs from Singapore and China and plans to export the same to original equipment manufacturers (OEMs) in the US.

The company has just sent its first consignment to a major OEM refrigerator maker in North America as a test run and is hopeful of receiving approval to export in the next six months.

"We will launch of our products in small disposable cans of 340 gms and 500 gms. We will also supply to auto accessory showrooms in the country," said Anil Jain, MD, Refex Refrigerants.

The present market size of the CFC and HCFC business in India is about 34,400 MT where the main manufacturers of CFCs are SRF, Gujarat Flourochemicals, Navin Flourine and Chemplast. The market for HFCs is around 6,000 MT in India, added Jain.