Piramal Enterprises, one of India's largest diversified companies with a presence in pharmaceutical and financial services, announced that the company and Navin Fluorine International, as Arvind Mafatlal Group Company have agreed to form a joint venture company to develop, manufacture and sell specialty fluorochemicals with specific focus on applications in healthcare.

The strategic joint venture leverages Navin's flurochemicals 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% of the equity share capital of the proposed joint venture company and the remaining 49% will be held by Navin. In the first phase of development, the JV is expected to invest around Rs 1.20 billion in India.

Shares of the company gained Rs 16.85, or 2.48%, to trade at Rs 697. The total volume of shares traded was 3,118 at the BSE (9.43 a.m., Thursday).