SRF Commissions First Phases of Two Manufacturing Facilities

New Delhi: Diversified firm SRF Ltd today said it has commissioned first phases of its chemical projects at Dahej and Bhiwadi, with a total investment of Rs 34 crore.

In August last year, the company’s board had given approval to establish manufacturing facility for R-134a Pharma Grade chemical at Dahej in Gujarat at an estimated investment of Rs 25 crore.

R-134a Pharma Grade chemical is used by the pharmaceutical industry.

The board approved establishing production unit of HFC 134a and HFC 32 at Bhiwadi, used as refrigerant at with an estimated investment of Rs 12 crore.

“…the first phase of the aforesaid projects have been commissioned and captialised…at an approximate cost of Rs 25 crore and Rs 9 crore respectively,” SRF Ltd said in a regulatory filing.

The company had reported a 41 per cent jump in its consolidated net profit to Rs 101 crore for the third quarter ended December 2015.

Meanwhile the fair trade regulator Competition Commission of India’s (CCI’s) has given its approval to SRF for acquiring US-based DuPont’s pharmaceutical propellant business under the Dymel brand.

The all-cash deal was valued at $20 million when both sides made the announcement in December 2014. In this regard, SRF entered into a pact with E I DuPont De Nemours and company, USA.