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Navin Fluorine announces $410 million multi-year contract with a global company

Posted On: 2020-02-25 13:59:45

Navin Fluorine International Limited ('Navin Fluorine'), one of the largest manufacturers of fluorochemicals, announced today that it has entered into a $ 410 million (Rs. 2900 Crores at current exchange rate) contract with a global company for manufacture and supply of a High Performance Product ('HPP') in the fluorochemicals space. The contract is for a period of 7 years and this product is not part of Navin Fluorine's existing product portfolio. The capex and project will be executed through its wholly owned subsidiary, Navin Fluorine Advanced Sciences Limited ('NFASL').

Navin Fluorine, through NFASL, will be investing $ 51.5 million (Rs. 365.50 Crores at current exchange rate) to set up dedicated manufacturing facility and approximately $ 10 million(Rs. 71 Crores at current exchange rate) to set up a captive power plant. The facility will be located at Dahej, in the state of Gujarat and will be funded through a mix of internal accruals and debt. The supplies are expected to commence from Q4 of FY22.

Commenting on this Mr. Radhesh Welling, Managing Director of Navin Fluorine said: "This Agreement, which represents Navin Fluorine's largest contract to date, continues to establish us as a leader in production and delivery of high-performance products within fluorination space.

This Agreement will help further expand our product portfolio and it reinforces the trust global customers have in Navin Fluorine's capabilities. It is testament to our deep and wide fluorine experience and our strength in successfully scaling up of complex chemistries.

This is beginning of our entry into higher value HPP segment and we shall continue to add more products in this segment."

Shares of Navin Fluorine International Limited was last trading in BSE at Rs.1225 as compared to the previous close of Rs. 1279. The total number of shares traded during the day was 14442 in over 1540 trades.

The stock hit an intraday high of Rs. 1290 and intraday low of 1184.1. The net turnover during the day was Rs. 17923734.

Source: Equity Bulls

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