SRF Ltd, a leading manufacturer of technical textiles, engineering plastics, chemicals and packaging films, has decided to shut operations at Rayong in Thailand and sell the asset as production at the site has become unviable.
The company, in a statement on Wednesday, said it has decided to close its technical textiles unit at Rayong in Thailand and dispose-off the assets of the business in the manner as may be decided by the Board of Directors of that company. Necessary approvals from the authorities concerned in this regard will be taken in due course, it said.
SRF Industries Thailand, a wholly-owned subsidiary of SRF Ltd, logged a turnover of ₹339 crore last fiscal and has a net-worth of ₹134 crore. Its contribution to the consolidated turnover of ₹7,693 crore was 4 per cent.
Some of the assets, if found suitable, could be purchased by SRF for its Indian operations, subject to necessary approvals and in compliance with laws, the company said in a statement.