"We were approached, but have decided against taking over Hindustan Fluorocarbons," SRF managing director Ravi K Sinha said.

I-Sec, which was appointed by Hindustan Fluorocarbons' promoters Hindustan Organic Chemicals Ltd to identify a joint venture partner for the sick PSU, had shortlisted SRF as one of the potential allies.

I-Sec had also identified SRF's immediate competitor in the refrigerant gas business Gujarat Fluorochemicals as another potential partner, besides two foreign companies Akzo Nobel Non-Stick Coating LLC and Gapi Group. Hindustan Fluorocarbons is promoted by HOCL and AP Industrial Development Corporation. (PTI) An alliance with Hindustan Fluorocarbons would help SRF to backwardly integrate for its refrigerant business.

SRF, which acquired Ceat Nylon Tyre Cord in one of the largest corporate takeovers in the country in 1996, has announced plans to take over more companies in the tyre cord business to expand.

SRF had last year taken over nylon 6,6 plant of US multinational DuPont in India for Rs 21 crore.

The Rs 665-crore company has identified tyre cord and refrigerant gas as its core areas of business and divested stake in non-core areas like bearings, finance and eyecare - Shriram Bearings Ltd and Shriram Needle Bearings Ltd, SRF Finance and SRF Visioncare.

Hindustan Fluorocarbons, which is under the Board for Industrial and Financial Reconstruction (BIFR) since 1994, was last month given six months' time by the board to come with a viable revival proposal.

The board had threatened to issue a show-cause notice to wind up the company if the promoters failed to submit a credible rehabilitation package after six months.

Hindustan Fluorocarbons had claimed that it had several rounds of talks with the four identified partners and a business plan was in place.

The sick PSU had submitted before BIFR that it was in an advanced stage of finalising the strategic partner from four shortlisted ones.