MOSCOW (MRC) -- Navin Fluorine announced that its board has approved capital expenditure for setting up of a multi-purpose plant (MPP) with an outlay of Rs 195 crore (USD26.6 million), according to Kemicalinfo.
The capex will be undertaken by its wholly owned subsidiary, Navin Fluorine Advanced Science (NFASL) at Dahej, Gujarat and will be funded through a mix of internal accruals and debt.
The company said its 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.
Commenting on the development, Radhesh Welling, MD of Navin Fluorine International said, “This investment will lay foundation for the next phase of growth of our Specialty Chemical business. It will help us enhance our product offerings and strengthen our customer relationships along with providing building blocks for future growth.”
Navin Fluorine International is one of the largest manufacturers of fluorochemicals in India. The company has four strategic business units: Refrigeration Gases, Inorganic Fluorides, Speciality Fluorides & Contract Research and Manufacturing Services (CRAMS).
As MRC reported earlier, Asahi Songwon Colors on Monday announced the commencement of commercial operations at the Dahej plant of Asahi Tennants Color, its joint venture with Tennants Textile Colours Limited (TTC) of UK. Gokul Jaykrishna, CEO of Asahi Songwon Colors said, “The commencement of operations of the JV company gives Asahi the perfect launching pad to widen its presence as a leading global supplier of pigments, and make a mark in the AZO pigment space."
We remind that Russia's output of chemical products rose in October 2020 by 7.2% year on year. At the same time, production of basic chemicals grew in the first ten months of 2020 by 6.3% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-October output. October production of polymers in primary form grew to 857,000 tonnes from 852,000 tonnes in September. Overall output of polymers in primary form totalled 8,340,000 tonnes over the stated period, up by 17% year on year.
MRC