New Delhi: SRF Limited has announced the closure of their acquisition of Thai Baroda Industries Limited in Rayong, Thailand.
All financial dues as per the restructuring plan approved by the Court have been paid. As of now, the company is a 100% subsidiary of the SRF Group.
With this acquisition which has come through one of SRF’s international subsidiaries, 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 27 May 2008. The Thai-based company has an annual production capacity of around 12,000 tonnes of Dipped Nylon Tyre Cord Fabric with annual sales of around $50 million.