Comments
Navin Fluorine International, one of the country’s largest manufacturers of fluorochemicals, has signed a $410-million (about ₹2,900 crore) contract with a global company to supply high-performance products in the fluorochemicals space over the next seven years.
The company said in a release the contract will enable it to venture into the production of a new product. The capex and project for the new product will be executed through its wholly-owned subsidiary, Navin Fluorine Advanced Sciences Ltd (NFASL), it added.
Navin Fluorine, through NFASL, will invest $51.5 million (₹365 crore) to set up a dedicated manufacturing facility and about $10 million (₹71 crore) for a captive power plant. The facility will be located at Dahej, Gujarat, and will be funded through a mix of internal accruals and debt. The supplies are expected to commence from Q4 of FY22.
Radhesh Welling, Managing Director, Navin Fluorine, said the contract, the company’s largest, will enable it to become the leader in the production and delivery of high-performance products within the fluorochemicals space. The agreement will help it further expand its product portfolio, he added.
Promoted by the the Padmanabh Mafatlal Group, Navin Fluorine operates one of the country’s largest integrated fluorochemicals complexes, in Surat.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.