New Delhi, Sep 8(IANS) Textiles and fluorochemical products manufacturer SRF Ltd has acquired Thai Baroda Industries Ltd, a Rayong, Thailand-based yarn and cord fabric manufacturer, the company announced Monday.
'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 percent subsidiary of the SRF Group', SRF said in a regulatory statement.
With this acquisition, SRF's annual tyre cord capacity increases to 65,000, 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 May 27 signed the definitive agreement for the acquisition of Thai Baroda, an Indo-Thai joint venture.
The Thai-based company has an annual production capacity of approximately 12,000 tonnes of dipped nylon tyre cord fabric, and has annual sales of around $50 million.
