“The Company has entered into a $ 410 million multi-year contract with a global company for manufacture and supply of a high performance product (HPP) in the fluorochemicals space. The project will entail an investment of about $51.50 million (Rs 365.50 crore) in the manufacturing facility and $10 million (Rs 71 crore) in captive power plant,” Navin Fluorine
International said in a press release
The Company will execute this capex and the project through its wholly-owned subsidiary, Navin Fluorine
Advanced Sciences Limited and will be located at Dahej, in Gujarat and will be funded through a mix of internal accruals and debt. The supplies are expected to commence from Q4 of FY22, it added.
The management said this is beginning of the company’s entry into higher value HPP segment and shall continue to add more products in this segment.
Meanwhile, the board of directors has declared an interim dividend of 200 per cent or Rs 4 per share of the face value of Rs 2 each for the financial year 2019-20. The company has fixed March 6, 2020 as the record date for ascertaining entitlement for the payment of aforesaid interim dividend.