New Delhi: India will not be dependent on overseas suppliers for new-generation refrigerant gases that are more eco-friendly, said Ashish Bharat Ram, chairman and managing director of SRF, which is setting up ₹2,300-crore facilities for such refrigerants.
The new refrigerants called hydrofluoroolefins, or HFOs, are quickly replacing older hydrofluorocarbons, or HFCs, in the USA and Europe as they are believed to have zero ozone depletion potential. The refrigerant gas industry is governed by the Montreal protocol and as a signatory to this deal, India has "to move towards lower global warming gases," Bharat Ram said.
SRF, one of India's largest industrial chemical manufacturers, will set up 30,000 tonnes per annum HFO manufacturing facility in Odisha.
"HFO production is limited with few manufacturers. By developing this technology here, we are making sure India cannot be held to ransom by any country for this technology," Bharat Ram said.
"As per the Montreal protocol, you can't add HFC manufacturing capacity post 2028. After 2032, you will have to start cutting HFC production," he noted.
He said SRF's technology for producing HFOs is non-infringing and developed in-house. "We have studied all the patents on this technology to ensure our HFO technology is non-infringing." The company has filed patents for its technology both in India and overseas.
The capital expenditure plan, which was disclosed to stock exchanges on Tuesday, sent SRF's shares soaring in trade on Wednesday. Its shares closed at ₹2,719 apiece on the BSE, up 7.5% from the previous trade, giving the company a market capitalisation of over ₹80,000 crore.
Bharat Ram expects HFO adoption to grow at a rapid pace between 2032 and 2040.
SRF is the largest supplier of refrigerant gases for the room air-conditioner segment in the domestic market. Its HFC capacity is over 65,000 tonnes per annum. The company clocked annual revenues of ₹15,787 crore for FY26 as per stock exchange disclosures on Tuesday.
Apart from making refrigerant gases, SRF is a large supplier of crop protection chemicals to global players like Syngenta, BASF and Bayer Crop Sciences.
The new refrigerants called hydrofluoroolefins, or HFOs, are quickly replacing older hydrofluorocarbons, or HFCs, in the USA and Europe as they are believed to have zero ozone depletion potential. The refrigerant gas industry is governed by the Montreal protocol and as a signatory to this deal, India has "to move towards lower global warming gases," Bharat Ram said.
SRF, one of India's largest industrial chemical manufacturers, will set up 30,000 tonnes per annum HFO manufacturing facility in Odisha.
"HFO production is limited with few manufacturers. By developing this technology here, we are making sure India cannot be held to ransom by any country for this technology," Bharat Ram said.
"As per the Montreal protocol, you can't add HFC manufacturing capacity post 2028. After 2032, you will have to start cutting HFC production," he noted.
He said SRF's technology for producing HFOs is non-infringing and developed in-house. "We have studied all the patents on this technology to ensure our HFO technology is non-infringing." The company has filed patents for its technology both in India and overseas.
The capital expenditure plan, which was disclosed to stock exchanges on Tuesday, sent SRF's shares soaring in trade on Wednesday. Its shares closed at ₹2,719 apiece on the BSE, up 7.5% from the previous trade, giving the company a market capitalisation of over ₹80,000 crore.
Bharat Ram expects HFO adoption to grow at a rapid pace between 2032 and 2040.
SRF is the largest supplier of refrigerant gases for the room air-conditioner segment in the domestic market. Its HFC capacity is over 65,000 tonnes per annum. The company clocked annual revenues of ₹15,787 crore for FY26 as per stock exchange disclosures on Tuesday.
Apart from making refrigerant gases, SRF is a large supplier of crop protection chemicals to global players like Syngenta, BASF and Bayer Crop Sciences.
