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SRF to sell engineering plastics business to DSM for Rs 320 crore

The transaction would enable SRF to strengthen balance sheet and focus its efforts and resources on developing more-and-more complex technologies

Press Trust of India  |  New Delhi 

Illustration by Ajay Mohanty
Illustration by Ajay Mohanty

firm Saturday said it will sell engineering business to DSM for Rs 320 crore as part of a strategy to focus on core operation.

The Gurugram-based SRF is a based multi-business entity engaged in the of industrial and specialty intermediates.

The company has entered into a definitive agreement to sell its engineering business to DSM, the life sciences and materials sciences company, in an all-cash transaction, amounting to Rs 320 crore.

SRF's engineering business manufactures multiple grades of engineering plastic compounds, catering to the automotive and electrical industries.

"Today marks a significant milestone for our company, as we take another step along our strategic direction of focusing on our core businesses," said Ashish Bharat Ram, Managing Director, SRF.

"While the engineering plastics business has been a profitable and niche business for us, we felt that scaling it into a large business would have taken significant time and in that sense passing it onto a would be logical for everyone involved," he added.

The transaction would enable SRF to strengthen balance sheet and focus its efforts and resources on developing more-and-more complex technologies within the business.

SRF, which was set up in 1970, has an annual turnover of Rs 5,600 crore. It has twelve plants in India, two in and one in

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, May 11 2019. 18:51 IST
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