SRF to acquire belting fabrics business of Industex
15 Jul '08
1 min read
SRF Ltd has informed that the Company has, through one of its international subsidiaries, entered into an agreement for acquisition of the belting fabrics business of Industex Technical Textiles (Pty) Ltd, a South African Company.
The business unit has an annual production capacity of approximately 3500 tonnes of Belting Fabrics with annual sales of around Rs 68.80 crores.
This acquisition will cost SRF approximately Rs 20 crores including working capital. Further the Company has submitted a copy of press release dated July 14, 2008, titled "SRF Signs Agreement for Acquisition of a South African Company - Becomes world's 2nd largest player in Belting Business".
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