Navin Fluorine inks Rs 2,900 cr global contract

New Delhi, Feb 25 () Flurochemicals maker Navin Fluorine International on Tuesday said it has entered into a USD 410 million (Rs 2,900 crore) contract with a global firm for supply of high performance product.

The company will execute the order through its owned subsidiary Navin Fluorine Advanced Sciences Ltd (NFASL). The contract is for seven years.

Commenting on the development, Navin Fluorine Managing Director Radhesh Welling 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 product (HPP) within fluorination space."

This is beginning of the company's entry into higher value HPP segment and it should continue to add more products in this segment, he said in a statement.

The company also informed that its subsidiary firm that will execute the order will invest USD 51.5 million (Rs 365.50 crore) for setting up of a manufacturing unit at Dahej, Gujarat.

It will invest another USD 10 million (Rs 71 crore) for setting up a captive power plant. The investment will be funded through of internal accruals and debt.

The supplies will commence from the fourth quarter of 2021-22 fiscal, the company added.

Navin Fluorine, a Padmanabh Mafatlal Group firm, operates one of the largest integrated fluorochemicals complexes in India with manufacturing locations at Surat and Dahej in Western India and Dewas in Central India and R&D centres in Surat, India and Manchester, UK. LUX MKJ