Piramal Enterprisesand Navin Fluorine International, an Arvind Mafatlal Group Company have agreed to form a joint venture company to develop, manufacture and sell speciality fluorochemicals with specific focus on applications in healthcare.
The strategic joint venture leverages Navin’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.
Piramal will hold 51 per cent of the equity share capital of the proposed joint venture company and the remaining 49 per cent will be held by Navin. In the first phase of development, the JV is expected to invest around Rs 120 crores in India.
EP News Bureau– Mumbai