Navin Fluorine International has entered into a $410 million (Rs 2900 crore 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 (NFASL).
Navin Fluorine, through NFASL, will be investing $51.5 million (Rs 365.50 crore at current exchange rate) to set up dedicated manufacturing facility and approximately $10 million (Rs 71 crore 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.
Navin Fluorine International manufactures and sells specialty fluorochemicals in India and internationally.
