Piramal, Navin Fluorine forms JV to manufacture fluorochemicals

In the first phase of development, the joint venture company is expected to invest around Rs120 crore in India


Piramal Group chairman Ajay Piramal. Photo: Hemant Mishra/Mint
Piramal Group chairman Ajay Piramal. Photo: Hemant Mishra/Mint

Mumbai: Piramal Enterprises Ltd, the pharma-to-financial services group, and Navin Fluorine International Ltd, an Arvind Mafatlal group company, jointly said on Wednesday that they have agreed to form a joint venture company to develop, manufacture and sell specialty fluorochemicals with specific focus on applications in healthcare.

The joint venture in which Piramal will hold 51% stake, leverages Navin Fluorine'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, the companies said in a note.

In the first phase of development, the joint venture company is expected to invest around Rs120 crore in India.

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