Piramal Enterprises-Navin Fluorine JV plans to invest Rs 120 crore

Piramal Enterprises Ltd, an Ajay Piramal Group company, and Navin Fluorine International Ltd, an Arvind Mafatlal group company, have formed a joint venture to develop, manufacture and sell specialty fluorochemicals with specific focus on applications in healthcare. In the first phase of development, the JV is expected to invest around Rs 120 crores in India.
 
While Piramal will hold 51% stake in the proposed JV, Navin Fluorine will held the remaining stake.
 
The strategic joint venture will aim to leverage Navin's fluorochemicals capabilities and Piramal's strong presence in healthcare. "With the increasing importance of fluorine in life sciences, there is a considerable potential to exploit synergies between the two companies," said the companies in a press release.
 
Navin Fluorine has been involved in developing in-house expertise of specialty fluorine chemistry for more than four decades. With the acquisition of UK-based Manchester Organics, a specialty fluorochemicals research company in 2011, Navin has further strengthened its position within the global life sciences companies as a partner of choice for their specialised fluorochemicals needs.