Specialty chemicals maker SRF Ltd has agreed to promote its engineering plastics business to the Indian unit of Dutch multinational Royal DSM for Rs 320 crore ($ forty-five .6 million). The sale will fortify the organization’s balance sheet and permit it to consciousness its assets on developing more modern technology for the chemical compounds commercial enterprise, SRF stated in a stock-alternate filing. The sale to DSM India Pvt. Ltd is in all
likelihood to be concluded with six months, SRF said. The very last transaction fee is a problem for operating capital modifications, it introduced. The engineering plastics department’s primary operations are based totally in Pantnagar, Uttarakhand. The submitting stated that the enterprise earned Rs 209 crore for 2017-18, representing four.5% of SRF’s turnover. SRF changed into founded in 1970 and has operations in India, Thailand, and South Africa. It published total sales of Rs 1,647.60 crore for the quarter ended December 31, 2018.
The company classifies its enterprise into three predominant verticals – technical textiles, chemical substances and polymers, and packaging movies. It says it has business pursuits in over seventy-five nations, with an international body of workers of 6,500 human beings. DSM India is a subsidiary of the Netherlands-based totally Royal DSM, or Koninklijke DSM NV. According to its website, the institution operates within the human and animal nutrients, medical devices, and private care segments. It said internet income of €2.Three billion (approximately Rs 18,1/2 crore at modern-day exchange prices) for the first area of 2019.