SRF, the domestic market leader in technical textiles, refrigerant gases and a preferred supplier of other fluorochemical products and polyester films today announced the closure of their acquisition of Thai Baroda Industries in Rayong, Thailand.
“All financial dues as per the restructuring plan approved by the Court have been paid as of this morning in Thailand. As of now, the company is a 100 per cent subsidiary of the SRF Group”, a company statement said.
With this acquisition, the total tyre cord capacity of SRF Group increases to 65000 TPA making it the second largest Nylon 6 tyre cord fabric manufacturer in the world. The new entity is expected to be profitable from day one.
The company had earlier signed the definitive agreement for the acquisition of TBIL on May 27, 2008.
The Thai-based company has an annual production capacity of approximately 12,000 tonnes of Dipped Nylon Tyre Cord Fabric with annual sales of around $50 million.
