Piramal Enterprises and Navin Fluorine International Ltd have agreed to form a joint venture to develop, manufacture and sell speciality fluorochemicals with specific focus on applications in healthcare.
In the first phase of development, the JV is expected to invest around Rs 120 crore in India, Piramal Enterprises said in a filing to BSE.
"Piramal will hold 51 per cent of the equity share capital of the proposed joint venture company and the remaining 49 per cent will be held by Navin," it added.
The company said that with the increasing importance of fluorine in life sciences, there is considerable potential to exploit synergies between the two partners.
Piramal Enterprises scrip closed at Rs 680.15, down 2.26 per cent, on the BSE.
