Mumbai, India-based refrigerants manufacturer SRF said in late December it had agreed, with immediate effect, to acquire DuPont's global pharmaceutical propellant business for an undisclosed sum.

The business is part of the US chemical giant's Performance Chemicals segment planned to be spun off by mid-2015.

Under the terms of the deal, SRF will own the DuPont Dymel brand and will also receive the technology and know-how for setting up its own manufacturing facility for this product. DuPont will continue to supply SRF with the product from its plant until SRF's new facility receives regulatory approval.

Currently, SRF is the only manufacturer of the HFC 134a-based pharma in India. The transaction gives it immediate access to DuPont's technology, brand and customers, thus enabling an instant entry into the niche pharmaceutical segment at a global level.

"This acquisition is in sync with our long-term strategy to move up the value chain and will enable us to enter the niche pharma product segment," said Ashish Bharat Ram, managing director at SRF.