Navin Fluorine jumped 4.8% to Rs 2,618.50 after the chemicals maker announced that its board has approved capital expenditure for setting up of a multi-purpose plant (MPP) with an outlay of Rs 195 crore.
The capex will be undertaken by it's wholly owned subsidiary, Navin Fluorine Advanced Science (NFASL) at Dahej, Gujarat and will be funded through a mix of internal accruals and debt. The company said its new capacity is expected to come on stream during H1 of FY23 and will create opportunities for new products in life science and crop science sectors in the specialty chemicals business.
Commenting on the development, Radhesh Welling, MD of Navin Fluorine International said, This investment will lay foundation for the next phase of growth of our Specialty Chemical business. It will help us enhance our product offerings and strengthen our customer relationships along with providing building blocks for future growth.
Navin Fluorine International is one of the largest manufacturer of fluorochemicals in India. The company has four strategic business units: Refrigeration Gases, Inorganic Fluorides, Speciality Fluorides & Contract Research and Manufacturing Services (CRAMS).
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