Navin Fluorine surges higher on Rs 450 crore capex plan

The Mumbai headquartered fluorochemical maker, Navin Fluorine International’s stock price jumped as much as 4 per cent on Friday after it announced an expansion in its Dahej plant in Gujarat.

The company said in its stock exchange filing that it is planning a capital expenditure (capex) program at Dahej in the state of Gujarat through a wholly-owned subsidiary with an estimated aggregate capital outlay of over Rs 450 crore over the next 3 - 4 years.

The board of directors of the company has initially approved capital expenditure of around Rs 90 crore for site development and related infrastructure on nearly 74 acres of land for greenfield projects at Dahej, Gujarat through a wholly-owned subsidiary which is still to be incorporated. The said capital expenditure will be funded by the company out of its internal accruals.

The company is engaged in business of refrigerant gasses, inorganic fluorides and specialty fluorochemicals. It has nearly 50:50 per cent exposure to domestic and export market.

At 11.45 am, stock traded with gains of 3 per cent at Rs 935.25 on BSE.