Yesterday evening, Navin Flourine International announced that its Board of Directors 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 Sciences at Dahej, Gujarat.

It is to be funded through a mix of internal accruals and debt.

The 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.

The market reacted positively to this news, with the stock price rising 5% to Rs.2620.40 though volumes remained muted. Its 52-week high is at Rs.2758.

This Mafatlal group company is one of India’s largest manufacturer of fluorochemicals and has four strategic business units: Refrigeration Gases, Inorganic Fluorides, Speciality Fluorides & Contract Research and Manufacturing Services (CRAMS).