Home
Indian firm now world's second largest belting fabric maker
Bombay News.Net
Tuesday 15th July, 2008 (IANS)
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.
 Email this story to a friend
Have your say on this story
|
 |
 |
- India's Firstsource stake put on sale
Hong Kong/Mumbai, Sept.8 : Firstsource, one of India's leading business-process outsourcing companies, has put one of its stakes up for sale. [read story]
- NSHM knowledge campus to set up India's first retail university at Lavasa
Mumbai, Sep 8 (ANI/Business Wire India): NSHM - Knowledge Campus, Kolkata has signed an agreement with Lavasa Corporation Ltd. to establish India's first Retail, Media and Thinking Management University at Lavasa, Maharashtra. [read story]
- Pak UAE envoy says NSG nod to India will spur arms race in South Asia
Abu Dhabi, Sept 8 : Pakistan has expressed its concern over the 45 member Nuclear Suppliers Group's (NSG) approval for India. [read story]
- Equity markets keep going up early afternoon
Mumbai Sep 8 (IANS) Indian equity markets continued to trade with hefty gains early Monday afternoon, after opening in the green and moving upwards in initial trade following the NSG waiver to the India-US nuclear deal. Realty, banking and capital goods stocks were in demand. [read story]
- Jyoti Basu's health 'in control'
Kolkata, Sep 8 (IANS) Veteran Marxist leader and former West Bengal chief minister Jyoti Basu, who sustained a head injury after a fall in the bathroom of his residence Friday, is keeping well at a city nursing home, its spokesperson said Monday. [read story]
|
|
 |
 |
|
|
