Navin Fluorine Records a Jump after Entering a Multi-Year Contract Worth INR 29 Billion
- 25-Feb-2020 4:00 PM
- Journalist: Peter Schmidt
Navin Fluorine, a reliable global leader offering organo-fluorine chemistry expertise for nearly 50 years, recently announced that it has entered into an INR 29 billion (about $410 million) multi-year contract with an international company wherein it would be involved in the manufacture and supply of high-performance products (HPP) in the fluorochemicals sector. The project will involve an investment of about INR 3.6 billion ($51.50 million) in the manufacturing facility and INR 710 million ($10 million) in captive power plant. The company will execute this project through its wholly owned subsidiary, Navin Fluorine Advanced Sciences. The new manufacturing facility will be located at Dahej, Gujarat and the capex will be funded through internal accruals and debt. The new product is currently not the part of Navin Fluorine's existing product portfolio and the supplies are expected to commence from the fourth quarter of FY2022. After signing the contract, the shares of Navin Fluorine International surged 4.38% to INR 1265.75 on the BSE on Tuesday. The company has the largest integrated fluorochemicals complex in India since 1967 and produces refrigeration gases chemicals, inorganic bulk fluorides, specialty organofluorides and offers Contract Research and Manufacturing Services at Surat, Gujarat and Dewas, Madhya Pradesh. This agreement will help the company to expand its product portfolio and establish a strong foundation across the globe.