+1-888-308-5802     
News Contact Us

SRF Ltd announces to sell engineering plastics business to DSM

Author : Pankaj Singh | Published Date : 2019-05-14 

SRF has commercial interests in more than 75 countries and has a global workforce of 6,500 people.

Specialty chemical manufacturing company SRF Ltd has reportedly settled on to selling its engineering plastics business to the Indian unit of Royal DSM for INR 320 crore ($45.6 million). The balance sheet of the company is expected to be strengthened by the sale. It will also allow the firm to focus its resources on developing newer technologies for chemical business, cited reliable sources.

Reportedly, the deal is expected to be concluded in six months, subjected to working capital adjustments.

According to reliable sources, the main operations of engineering plastic business of SRF is in Pantnagar, Uttarakhand. From 2017-18, the business earned a revenue of INR 209 crore, which represents 4.5 percent of SRF’s turnover.

Royal DSM reportedly stated that the deal will support the expansion of the production capacity of its unit in India. It will also help in sales of its specialty materials without making significant capital expenditure.

For the record, SRF Limited was founded in 1970 and has operations in South Africa, India and Thailand. The company reported total revenue of INR 1,647 crore for the quarter ended December 31, 2018. It has classified its business into 3 key verticals – chemicals and polymers, packaging films and technical textiles. SRF has commercial interests in more than 75 countries and has a global workforce of 6,500 people.

DSM India is a subsidiary of the Dutch Royal DSM. The group operates in animal and human nutrition, personal care and medical devices segments. For the first quarter of the year 2019, it has reported net sales worth €2.3 billion (around INR 18,075 crore at current exchange rates).

DSM has a workforce of about 550 people in India. The company is active in both materials and nutrition segments in the country. In the year 2018, the total sales revenue of DSM in India was raised to €250 million ($281 million), an increase of 17 percent compared to 2017.

Source credit: https://www.vccircle.com/srf-to-sell-engineering-plastics-business-to-dutch-firm-dsm

https://www.thehindubusinessline.com/companies/srf-to-sell-engineering-plastics-business-to-dsm-for-rs-320-cr/article27103716.ece

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

ByteDance could lose $6 billion following recent TikTok ban in India

Published Date: 2020-07-03         Author: Pankaj Singh

The latest decision taken by the Government of India to ban 59 Chinese smartphone apps is trending worldwide, especially across China. As per a report by China’s Global Times, ByteDance, the parent firm of Helo and TikTok, is likely to incur a loss of about $6 billion after this imposed ban by... Read More

Oyo suspends MGB contracts for property owners due to reduced revenues

Published Date: 2020-07-01         Author: Pankaj Singh

The adverse impact of COVID-19 pandemic is becoming more and more evident across the world. It is being speculated that  nothing of this magnitude has been observed for more than 100 years since the 1918 Spanish Flu pandemic. Till now, over ten million people have been infected in over 200 nati... Read More

Universal Studios postpones the opening of Nintendo-themed area

Published Date: 2020-06-30         Author: Pankaj Singh

The ongoing COVID-19 pandemic has claimed the lives of over half a million people and affected more than ten millions around the world. As the current situation is worsening, many world events as well as the opening of theme parks have been canceled or postponed in order to reduce the spread of the ... Read More

© 2020 Fractovia. All Rights Reserved