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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