SRF Limited

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SRF Limited
Company typePublic
BSE: 503806
NSE: SRF
Founded1970 (1970)
Headquarters
Gurugram, Haryana
,
India
Key people
  • Arun Bharat Ram (Chairman Emeritus)
  • Ashish Bharat Ram (Chairman & Managing Director)
  • Kartik Bharat Ram (Joint Managing Director)
ProductsChemicals
Packaging films
Technical textiles
RevenueIncrease ₹14,870 crore (US$1.9 billion) (FY23)[1]
Increase ₹3,193 crore (US$400 million) (FY23)[1]
Increase ₹2,162 crore (US$270 million) (FY23)[1]
Number of employees
8,000+
ParentKama Holdings Ltd.
Websitewww.srf.com

SRF Limited is an Indian multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates. The company’s business portfolio covers fluorochemicals, specialty chemicals, packaging films, technical textiles, coated and laminated fabrics.[2] It has a workforce of more than 8,000 employees across eleven manufacturing plants in India Thailand, South Africa and Hungary. The company exports to more than 90 countries.[3]

History

The company was established in 1970, as Shri Ram Fibres Limited, by DCM Limited as a wholly owned subsidiary. Its initial focus was on the manufacture of tyre cord fabrics. Its first manufacturing plant was set up in Manali, near Chennai, in 1973.[4]

In 1986, the company set up a joint venture with Denso called SRF Nippondenso, for the manufacture of automotive components. This was later spun off as a separate company in 1993. Another subsidiary, SRF Finance, started in 1986 was sold to GE Capital in 1997. SRF also had a healthcare division which manufactured plastic optical lenses, which was spun off as a separate company in 1997.[5]

In 1989, the company entered the chemicals business to manufacture refrigerants. Consequently, in 1990, it changed its name to SRF Limited.[6]

The company started its packaging films business in 1995 when it acquired a BOPET film plant at Kashipur in India from Flowmore. SRF has since then manufactured both BOPET and BOPP films globally.[7]

The company entered the specialty chemicals business in 2004 as a supplier of fine chemicals to the agrochemicals and pharmaceuticals industry. The business is engaged in custom synthesis, and contract research and manufacturing.[8]

Business segments

Technical textiles

SRF is the largest manufacturer of technical textiles in India. SRF's technical textile products contain tyre cord fabrics, belting fabrics, and industrial yarn.[9]

Fluorochemicals

Set up in the year 1989, SRF's fluorochemicals business makes refrigerants, pharma propellants, and industrial chemicals.[10] The company has allocated capital to enter the fluoropolymers business.[8][11]

Specialty chemicals

SRF's specialty chemicals business is involved in the development and production of advanced intermediates for agrochemical and pharmaceutical applications.[12]

Packaging films

SRF's packaging films business manufactures BOPET and BOPP films for use in food and non-food packaging, labelling, industrial and other end applications.[13]

Market leadership

The company is a market leader in most of its business segments in India and commands a significant global presence in some of its businesses/products, namely Difluoro & Trifluoro Alkyl Intermediates (global no. 1), Nylon 6 Tyre Cord (global no. 2) and Belting Fabrics (global no. 3).[14][15] SRF is the only Indian manufacturer of ozone friendly refrigerants, namely F 134a and F 32, both of which it has developed using indigenous technology.[16] With the addition of F 125, SRF is now the largest producer and seller of refrigerants in India and has further consolidated its market leadership.[17] SRF obtained ASHRAE (American Society of Heating, Refrigeration, Air-conditioning Engineers) certification for R-467A, its low GWP refrigerant blend for stationary air-conditioning applications.[18] It is the first-ever refrigerant from India to have received this certification by the ASHRAE Standards Committee under the Designation and Safety Classification of Refrigerants.[19] SRF acquired the Dymel® HFA 134a/P regulated medical pharmaceutical propellant business from DuPont™ in January 2015 and became one of the few manufacturers of Pharma grade HFA 134a/P in the world.[20][21][22]

Awards and recognitions

  • Deming Prize for the Tyre Cord Business in 2004 [23]
  • SRF Limited was listed in the 2011 Asia's Best under a Billion list by Forbes magazine.[24][25]
  • Deming Prize for Chemicals Business in 2012 [26]
  • ICC (Indian Chemical Council) Lifetime Achievement Award to Chairman, Arun Bharat Ram [27]
  • Sword of Honour by the British Safety Council in 2018 [28]
  • The Economic Times Family Business of the Year (Large Companies) Award in 2019 [29]
  • National CSR Award 2018 in the category – Corporate Awards in CSR in Challenging Circumstances – North by the President of India, Shri Ram Nath Kovind [30]
  • EY Entrepreneur of the Year 2019 in the manufacturing category conferred on Chairman, Mr. Arun Bharat Ram [31]
  • Ashish Bharat Ram, Managing Director of SRF Ltd. named India’s Best CEO in the emerging companies category by Business Today in January, 2021 [14]
  • Best Family Business award in the giga category at the first-ever Indian Family Business Awards 2021, presented by Moneycontrol [32]
  • Employer of the Future 2022 by Fortune India [33]
  • Ashish Bharat Ram, Chairman and Managing Director of SRF Ltd., named India’s Best CEO in the mid-sized companies category by Business Today in May 2023[34]

References

  1. ^ a b c "SRF beats fourth-quarter estimates, net profit dips 6% to Rs 562 crore". CNBC TV18. 9 May 2023. Retrieved 28 May 2023.
  2. ^ "Global Operations". SRF Limited. Retrieved 31 August 2011.
  3. ^ Market, Capital (5 August 2020). "SRF gains on commissioning new BOPET film line in Hungary". Business Standard India. Retrieved 9 February 2021.
  4. ^ "History". SRF Limited. Retrieved 31 August 2011.
  5. ^ "Milestones". SRF Limited. Retrieved 31 August 2011.
  6. ^ Upadhyaya, Yash (11 January 2021). "Investments in chemical biz, recovery in refrigerants to boost SRF earnings". Business Standard India. Retrieved 11 May 2021.
  7. ^ Ram, R. Sree (11 August 2020). "Steady chemicals and packaging films biz save SRF from covid hit". mint. Retrieved 11 May 2021.
  8. ^ a b "How SRF Is Transforming Itself Into A Speciality Chemicals Player With Global Ambitions". Forbes India. Retrieved 11 May 2021.
  9. ^ "SRF, India's leading manufacturer of technical textiles - The Textile Magazine". Retrieved 12 May 2021.
  10. ^ "Chemicals firm SRF board approves setting up of Rs 315 crore chloromethane plant". The Economic Times. Retrieved 11 May 2021.
  11. ^ "SRF Q1: Growth Engine Of Chemicals Broadly Intact Despite Macro Challenges; Accumulate". Moneycontrol. 7 August 2019. Retrieved 11 May 2021.
  12. ^ Ram, R. Sree (7 August 2019). "For SRF, the chemicals business is keeping growth momentum steady". mint. Retrieved 11 May 2021.
  13. ^ Market, Capital (5 August 2020). "SRF gains on commissioning new BOPET film line in Hungary". Business Standard India. Retrieved 11 May 2021.
  14. ^ a b "Coach and Captain- Business News". www.businesstoday.in. 24 December 2020. Retrieved 29 April 2021.
  15. ^ "How SRF Is Transforming Itself Into A Speciality Chemicals Player With Global Ambitions". Forbes India. Retrieved 29 April 2021.
  16. ^ Ram, R. Sree (24 June 2019). "SRF: Robust growth in specialty chemicals biz yields good crop for now". mint. Retrieved 29 April 2021.
  17. ^ Kumar, Arun. "SRF acquires hydrofluorocarbon refrigerant from Mexichem for $10 million". The Economic Times. Retrieved 7 May 2021.
  18. ^ Market, Capital (6 September 2019). "SRF received ASHRAE certification for its new low GWP refrigerant blend R-467A". Business Standard India. Retrieved 11 May 2021.
  19. ^ "SRF becomes first Indian refrigerant with ASHRAE certification". @businessline. 6 September 2019. Retrieved 11 May 2021.
  20. ^ "SRF aims to double industrial chemicals manufacturing capacity". @businessline. 30 July 2020. Retrieved 29 April 2021.
  21. ^ "SRF becomes first Indian refrigerant with ASHRAE certification". @businessline. 6 September 2019. Retrieved 29 April 2021.
  22. ^ "SRF acquires DuPont's medical propellant business for $20 million". @businessline. January 2015. Retrieved 29 April 2021.
  23. ^ Bureau, Our Corporate (8 October 2004). "SRF tyre cord business bags Deming Prize". Business Standard India. Retrieved 2 March 2021.
  24. ^ "Asia's Best under a Billion". Forbes. 30 August 2011. Retrieved 31 August 2011.
  25. ^ "SRF - We always find a better way | Investors". www.srf.com. Retrieved 12 February 2021.
  26. ^ "SRF's chemical business gets Quality Management Award". The Economic Times. Retrieved 2 March 2021.
  27. ^ "Welcome to Indian Chemical Council (ICC)". www.indianchemicalcouncil.com. Retrieved 2 March 2021.
  28. ^ ANI (15 November 2019). "Indian Firms win maximum number of safety 'Oscars' this year". Business Standard India. Retrieved 2 March 2021.
  29. ^ "India's most respected business tycoons turn up for The Economic Times Family Business Awards". The Economic Times. Retrieved 2 March 2021.
  30. ^ "CSR is a true manifestation of Bapu's Trusteeship Philosophy: President of India". pib.gov.in. Retrieved 2 March 2021.
  31. ^ Dey, Sudipto (19 February 2020). "Kiran Mazumdar-Shaw wins EY Entrepreneur of the Year award for 2019". Business Standard India. Retrieved 2 March 2021.
  32. ^ "SRF Ltd wins Moneycontrol's best family business award". Moneycontrol. 29 April 2022. Retrieved 7 June 2022.
  33. ^ "SRF Uses Human Touch For Growth". www.fortuneindia.com. 5 June 2022. Retrieved 15 June 2022.
  34. ^ "Best CEOs: How Ashish Bharat Ram became instrumental in writing SRF's success story". Business Today. 27 April 2023. Retrieved 7 June 2023.
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