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India’s SRF shuts down Dubai operations due to European downturn

Indian technical textile maker SRF Ltd has decided to close down its manufacturing operations in Dubai, citing sustained downturn in European market and high fixed costs, Business Standard has reported. "Board of directors of SRF Overseas Ltd, a wholly-owned subsidiary of the company, have decided to close its manufacturing operations in Jebel Ali Free Zone, Dubai, due to sustained downturn in European market and high fixed costs," SRF said. "The plant and machinery of SRF Overseas Ltd in Jebel Ali Free Zone, Dubai would be relocated to one of the units of SRF Ltd In India subject to necessary approvals," it added.