Financial Daily from THE HINDU group of publications
Wednesday, May 26, 2004
Financial Daily from THE HINDU group of publications Wednesday, May 26, 2004 |
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Corporate
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Mergers & Acquisitions SRF to acquire arm's polyester film business Our Bureau
Mumbai , May 25 SRF Ltd has announced that its board has approved in principle to make an offer to acquire the polyester film operations of SRF Polymers Ltd. The company at its meeting on May 21 stated its intent to establish a strong operating presence in this business. The transaction is subject to requisite corporate, statutory and regulatory approvals. Acquisition is complementary to the company's operating plan for the polyester film business. It will accelerate its business plan in this product segment. Towards that end, SRF is commissioning a 20,000 tpa polyester film manufacturing plant at Indore at a cost of Rs 160 crore. The company will make an offer for Rs 50 crore to acquire SRF Polymer's polyester film business as a continuing operation. ICICI Securities advised SRF on the valuation of this transaction and Ernst & Young was SRF Polymers' advisor.
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