SRF announced that it has incorporated a wholly owned subsidiary, SRF Middle East with an authorized capital of AED 365,000.
The company has incorporated SRF Middle East for trading in refrigerant gases by subscribing 365 equity shares at a face value of Rs 1,000 each aggregating to AED 365,000. The company will hold 100% shareholding in the Middle East.The Dubai Supreme Council of Energy has granted a NOC for trading in industrial gases, while the Department of Economy and Tourism issued a commercial license for the subsidiary on 12 March 2024.
SRF is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company's diversified business portfolio covers fluorochemicals, specialty chemicals, packaging films, technical textiles, coated and laminated fabrics.
The specialty chemical maker's consolidated net profit slipped 50.4% to Rs 253.43 crore on 12% decline in revenue from operations to Rs 3,053.04 crore in Q3 FY24 over Q3 FY23.
Shares of SRF were trading lower by 1.22% to Rs 2,393.10 on the BSE.
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