Gurgaon based SRF Ltd, a chemical based multi-business entity that manufactures refrigerants in India has entered into a definitive agreement with global major Mexichem to acquire HFC 125, a hydrofluorocarbon refrigerant used in the air-conditioning industry for little over $10 million. These are zero ozone depleting substances.
Under the agreement, SRF will own the HFC-125 assets and the technical know-how on an exclusive basis. The Company plans to relocate the assets to India from United Kingdom and set up the facility for manufacturing HFC-125 at its Chemical Complex in Dahej, Gujarat.
“This acquisition is in line with our strategic direction to further strengthen the company’s position in the high growth refrigerants market,” said Ashish Bharat Ram, SRF’s Managing Director, in a statement. It also makes us one of the very few producers in the world to be fully backward integrated, leading to greater efficiencies and providing an edge to us in the marketplace, he added.
SRF is the only Indian manufacturer of HFC 134a and HFC 32, both of which it has developed using indigenous technology. With this acquisition, the Company will manufacture all three major HFCs, namely HFC 134a, 32 and 125, which will be marketed under the company’s FLORON brand. It will also become the only Indian Company to have fully integrated blending capability to offer HFC 410 A and 407 C to its customers.