SRF Industries (Thailand) Ltd., a wholly-owned subsidiary of Mumbai-based SRF Ltd, which manufactures technical textiles, engineering plastics, chemicals and packaging films, recently decided to shut operations of its technical textile business based in Rayong and sell the asset as production at the site has become unviable, the company said in a statement.

The board of directors will take a decision and necessary approvals from the concerned authorities will be taken in due course, the statement said.

SRF Industries (Thailand) 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 statement added. (DS)