Navin Fluorine International, one of the largest manufacturers of fluorochemicals, announced today that it has entered into a USD 410 million or approx. Rs 29 billion at current exchange rate contract with a global company for manufacture and supply of a high performance product in the fluorochemicals space. The contract is for a period of 7 years and this product is not part of the company's existing product portfolio. The capex and project will be executed through its wholly owned subsidiary, Navin Fluorine Advanced Sciences('NFASL').

The company, through it's subsidiary, will be investing USD 51.5 million or approx. Rs  3.66 billion to set up dedicated manufacturing facility and approx. USD 10 million or Rs 710 million to set up a captive power plant. The facility will be located at Dahej, in the state of Gujarat and will be funded through a mix of internal accruals and debt. The supplies are expected to commence from Q4 of FY22.

Commenting on this Mr. Radhesh Welling, Managing Director of Navin Fluorine said: ''This Agreement, which represents Navin Fluorine's largest contract to date, continues to establish us as a leader in production and delivery of high-performance products within fluorination space. This agreement will help further expand our product portfolio and it reinforces the trust global customers have in Navin Fluorine's capabilities. It is testament to our deep and wide fluorine experience and our strength in successfully scaling up of complex chemistries. This is beginning of our entry into higher value HPP segment and we shall continue to add more products in this segment.''

Shares of the company gained Rs 242.5, or 20%, to settle at Rs 1,455.10. The total volume of shares traded was 123,738 at the BSE (Tuesday).