SRF Ltd

SRF Limited is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The Company is a market leader in most of its business segments in India and overseas. The Company has operations in four countries, India, Thailand, South Africa, and Hungary. SRF has commercial interests in more than ninety countries and classifies its businesses as Technical Textiles Business (TTB), Chemicals Business (CB), Packaging Films Business (PFB), and Other Businesses. The principal activities of the Company are manufacturing, purchase and sale of technical textiles, chemicals, packaging films and other polymers. SRF Limited (SRF) was incorporated on 9th January 1970 under the name of Shriram Fibres Ltd. The commencement of Nylon Tyre Cord Fabric Plant at Manali, Chennai was made by the company in the year of 1974, also introduced Fishnet Twines and Nylon Engineering Plastics in the same location during the year 1977 and 1979 respectively. During the year 1983 and 1986, the company commissioned Industrial Fabrics Plant and Coated Fabrics project respectively at Tiruchirapalli. In the identical year of 1986, SRF Finance Ltd was started its operations. In 1989, SRF had commissioned commercial production of fluorochemicals at Bhiwadi. The change in the name was made in the year 1990; the name of the company was changed from Shriram Fibres Limited to the present name SRF Limited. Total Quality Management (TQM) practice was adopted by the company in wide during the year 1993 itself. In the period of 1995, SRF took over the nylon tyre Cord plant of Ceat at Gwalior and also started Chloromethane production at Bhiwadi. The first overseas presence was made in the year 1996 by the way of formed operation plant in Dubai. The company divested SRF Finance Ltd to GE Capital in 1997 and acquired Tyre Cord Fabric conversion facility of Dupont at Gummidipoondi, Chennai during the year 2000. In 2001, SRF became one of the top ten suppliers of nylon tyre cord in the world and also commenced operations of SRF E-Biz, an e- procurement business. The Company's Polyester Films, Fishnet Twines and Engineering Plastics businesses spun off as a separate entity in the year 2002 under the name of SRF Polymers Ltd. Flurochemicals Business of the company at Bhiwadi awarded the prestigious OHSAS 18000 and SA 8000 certification for practicing environment safety in the period of 2003. During the year 2004, SRF had unlocked the Packaging Film Plant at Indore and Pharma Chemicals Business at Bhiwadi. Also in the identical year of 2004, Deming Application Prize awarded to the Industrial Synthetics Business. SRF became one of the top 3 manufacturers of belting fabrics in the world during the year 2005. The Captive Power Project at the company's Chemical Business, Jhiwana, had commissioned and capitalized in April of the year 2006. The project of holographic film plant of the company had commissioned in December of the year 2007 at an investment of approximately Rs. 10 crore. The product from this plant is used for luxury packaging segments. SRF has acquired two foreign companies during 2008, one in Thailand and the other one in South Africa. Thai based Thai Baroda Industries Limited (TBIL) is a tyre cord company and South Africa based Industex Technical Textiles (Pty) Limited is a manufacturer of belting fabrics. In 2012, SRF commissioned chemical complex at Dahej, Gujarat. With a vision of becoming a credible, global player in the Fluorochemicals business space, SRF acquired the Dymel HFC 134a regulated medical pharmaceutical propellant business from DuPont in January 2015. On 1 April 2016, SRF announced that its Board of Directors has approved an investment proposal for setting up of a pilot plant to manufacture next generation refrigerant gas, HFO 1234yf.The breakthrough initiative will make SRF the first technology developer outside US and Europe for manufacture of HFO 1234yf, which is expected to find increasing use in car air-conditioning systems globally in future. The Board of Directors of SRF, in tune with the company's strategic intent of expanding its chemicals business, approved two separate capex proposals aggregating Rs 345 crore at its meeting held on 8 August 2016. One of the proposals pertains to setting up a Multi-Purpose Plant for specialty chemicals at an estimated cost of Rs. 180 crore and the second one for Chloromethane (CMS) plant at an estimated cost of Rs. 165 crore in its Chemical Complex at Dahej in Gujarat. The second project that got approved in the Board, aims to double SRF's capacity for Chloromethanes to 80,000 tonnes per annum. On 2 November 2017, SRF Limited announced that it has reached a definitive agreement to acquire the HFC-125 assets from a global leader in the development, manufacture and supply of fluoroproducts. Under the agreement, SRF will own the HFC-125 assets and the technical know-how on an exclusive basis. The company plans to relocate the assets to India and set up the facility for manufacturing HFC-125 at its Chemical Complex in Dahej, Gujarat. With this acquisition, the company will gain the unique advantage of manufacturing all three major HFCs, namely HFC 134a, 32 and 125, which will be marketed under the company's FLORON brand. As on 31 March 2018, the Company had 5 wholly owned subsidiary companies whereby 1 wholly owned subsidiary company is registered in India and remaining 4 are registered outside India. 2 of these are direct wholly owned subsidiaries and rest 3 are step-down wholly owned subsidiaries. On 9 July 2018, SRF Limited announced the setting up of a second Bi-axially Oriented Polyethylene Terephthalate (BOPET) film line and a Resin plant in Thailand at an investment of approximately US$ 60 million. This new plant will be put up at the company's existing manufacturing location in Rayong, Thailand by its wholly owned subsidiary - SRF Industries (Thailand) Limited and is expected to become operational in close to two years. Once operational, the new line will be capable of producing approximately 40,000 metric tonnes per annum. With this capacity addition, the company will further strengthen its presence in the buoyant South East Asian region and expand its customer base in new geographies. As on 31 March 2019, the company had 6 wholly owned subsidiary companies whereby 1 wholly owned subsidiary company is registered in India and remaining 5 are registered outside India. 2 of these are direct wholly owned subsidiaries and rest 4 are step-down wholly owned subsidiaries. In March 2020, the World Health Organization declared COVID-19 to be a pandemic. Consequent to this, Government of India declared a national lockdown on 25 March 2020, which has impacted the business activities of the Company. During the year ended March 31, 2021 the Company has issued 17,64,705 fully paid up equity shares equivalent to 3.07% of the existing paid up equity capital of the Company to Qualified Institutional Buyers in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, These shares were issued at an issue price of Rs. 4250 per share for an aggregate consideration of Rs. 750 Crore. Pursuant to the approval given by the shareholders through Postal Ballot on 06 October 2021, the Board at its meeting held on 15 October 2021, issued and allotted 236,980,820 fully paid up Bonus Equity shares of Rs. 10 each in the ratio of 4:1 to the shareholders. As on March 31, 2022, Company had 7 wholly owned subsidiary companies out of which 2 wholly owned subsidiary companies are registered in India and remaining 5 are registered outside India. 3 of these are direct wholly owned subsidiaries and rest 4 are stepdown wholly owned subsidiaries. During the year 2022, the Board at its meeting held on October 15, 2021 allotted 23,69,80,820 Bonus Shares to the eligible shareholders of the Company in the proportion of 4 new fully paid-up equity share of Rs. 10/- each for every 1 existing fully paid-up equity share of Rs. 10/- each. During 2023, the Company commissioned Multi-Purpose Production (MPP4) facility, for agrochemical and pharmaceutical intermediates and a Thermal Oxidation facility at Dahej. The Second CMS Plant in Dahej got commissioned into the Fluorochemicals Business. It commissioned the 2nd BOPP Film Line and Metalliser at Indore, India. The Company's Belting Fabrics (BF) segment commissioned Solid Woven plant, further enhancing its product portfolio from 1,100 to 1,800 Metric Tonnes Per Month. Fluorochemicals Business commissioned new plants such as, chloromethanes, calcium chloride and a Captive Power Plant (CPP) in Dahej.