SRF acquires Thailand-based tyre cord company

Wednesday, 28 May 2008, 05:11 Hrs
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Mumbai: Leading tyre cord manufacturing company SRF Limited has acquired Thailand-based Thai Baroda Industries Limited (TBIL) for 1 billion.

TBIL is a tyre cord company having an annual production capacity of approximately 12,000 tonnes of dipped nylon tyre cord fabric, said a statement by the company Tuesday.

Ashish Bharat Ram, managing director SRF Limited, said: "Post financial restructuring and takeover of the company management, we are confident that we will able to turn the company in very short time."

The actual transfer of management control is expected to take a few months being subject to the approval of the rehabilitation process by a Thailand court, the company statement added.
Source: IANS
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