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SRF Acquires South African Firm

On July 14, 2008, Delhi-based SRF Limited announced it had signed an agreement to acquire the belting fabrics business of Industex Technical Textiles (Pty) Limited, a South African company. The purchase will cost approximately Rs. 20 crore, including working capital. The acquisition will move SRF from the third to the second largest producer of belting fabrics worldwide. The acquired business has an annual production capacity of approximately 3,500 tonnes of belting fabrics with annual sales of around $16 million. Prior to the purchase, SRF has 7.500 TPA of capacity for belting fabrics at its factory in Trichy.

After the acquisition is complete, the business will be known as SRF Industex Belting (Pty) Limited. The new company will be a large consumer of SRF’s new polyester industrial yarn (PIY) plant being built in Gummidipoondi, Tamil Nadu. The plant is due on-stream in early 2009.

In May, SRF signed a definitive agreement to acquire Thai Baroda Industries, a Thailand-based tire cord company.

Here is SRF’s press release on the acquisition.

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