SRF Limited

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]

SRF Limited
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

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]

SRF Limited was listed in the 2011 Asia's Best under a Billion list by Forbes magazine.[9][10]

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.[11]

Fluorochemicals

Set up in the year 1989, SRF's fluorochemicals business makes refrigerants, pharma propellants, and industrial chemicals.[12] The company has allocated capital to enter the fluoropolymers business.[8][13]

Specialty chemicals

SRF's specialty chemicals business is involved in the development and production of advanced intermediates for agrochemical and pharmaceutical applications.[14]

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.[15]

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).[16][17] 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.[18] 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.[19] 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.[20] 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.[21] 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.[22][23][24]

Awards
  • Deming Prize for the Tyre Cord Business in 2004 [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 [16]
  • 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. "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. "How SRF Is Transforming Itself Into A Speciality Chemicals Player With Global Ambitions". Forbes India. Retrieved 11 May 2021.
  9. "Asia's Best under a Billion". Forbes. 30 August 2011. Retrieved 31 August 2011.
  10. "SRF - We always find a better way | Investors". www.srf.com. Retrieved 12 February 2021.
  11. "SRF, India's leading manufacturer of technical textiles - The Textile Magazine". Retrieved 12 May 2021.
  12. "Chemicals firm SRF board approves setting up of Rs 315 crore chloromethane plant". The Economic Times. Retrieved 11 May 2021.
  13. "SRF Q1: Growth Engine Of Chemicals Broadly Intact Despite Macro Challenges; Accumulate". Moneycontrol. 7 August 2019. Retrieved 11 May 2021.
  14. Ram, R. Sree (7 August 2019). "For SRF, the chemicals business is keeping growth momentum steady". mint. Retrieved 11 May 2021.
  15. Market, Capital (5 August 2020). "SRF gains on commissioning new BOPET film line in Hungary". Business Standard India. Retrieved 11 May 2021.
  16. "Coach and Captain- Business News". www.businesstoday.in. 24 December 2020. Retrieved 29 April 2021.
  17. "How SRF Is Transforming Itself Into A Speciality Chemicals Player With Global Ambitions". Forbes India. Retrieved 29 April 2021.
  18. Ram, R. Sree (24 June 2019). "SRF: Robust growth in specialty chemicals biz yields good crop for now". mint. Retrieved 29 April 2021.
  19. Kumar, Arun. "SRF acquires hydrofluorocarbon refrigerant from Mexichem for $10 million". The Economic Times. Retrieved 7 May 2021.
  20. 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.
  21. "SRF becomes first Indian refrigerant with ASHRAE certification". @businessline. 6 September 2019. Retrieved 11 May 2021.
  22. "SRF aims to double industrial chemicals manufacturing capacity". @businessline. 30 July 2020. Retrieved 29 April 2021.
  23. "SRF becomes first Indian refrigerant with ASHRAE certification". @businessline. 6 September 2019. Retrieved 29 April 2021.
  24. "SRF acquires DuPont's medical propellant business for $20 million". @businessline. January 2015. Retrieved 29 April 2021.
  25. Bureau, Our Corporate (8 October 2004). "SRF tyre cord business bags Deming Prize". Business Standard India. Retrieved 2 March 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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