Navin Fluorine International Ltd

Navin Fluorine International Limited was incorporated in June 25th, 1998. Being a flagship, the Company belongs to a reputed industrial house of Padmanabh Mafatlal Group in India. It has largest integrated fluorochemicals complex in India, since 1967. The Company primarily focuses on fluorine chemistry producing refrigeration gases, chemicals, inorganic bulk fluorides, specialty organofluorines and offers Contract Research and manufacturing services. Its 2 manufacturing units at Surat in Gujarat and Dewas in Madhya Pradesh and 1 manufacturing site of Navin Fluorine Advanced Sciences Limited at Dahej in Gujarat are strategically located near ports to facilitate the import of raw materials and the export of finished products. The Companys manufacturing unit was located in Surat. It commenced the refrigerant business in 1967 and established itself as a respected refrigerant global brand. It commissioned Dewas unit in 1978.Navin initiated the CDM project to reduce green house gas HCFC 23 in June 2006 with Ineos Fluor as technology partners and received UNFCCC approval in March 2007. Navin Fluorine has developed more than 40 products on commercial scale using indigenously built multipurpose plants.The company has ability to produce some of the niche organofluorine molecules. It offers a diversified portfolio of advanced fluorine derivatives to the world with wide ranging applications in pharma, agro and petrochemicals. Navin Fluorine has an impressive clientele consisting of several fortune 500 companies, which include five of the top ten global crop protection companies and three of the top ten global chemical companies.A positive mind set, holistic approach and thorough professionalism forms the core of the team named Navin Fluorine. Quality is what we aspire for in every endeavor of ours. Navin Fluorines strict vigil on the environmental norms and safety measures at every step of the manufacturing process has resulted in elevating Navin as an entity to rely upon without inhibition.During FY2016, the Company entered into a Joint Venture (JV) Agreement with Piramal Enterprises Limited (PEL) and accordingly a Company by the name of Convergence Chemicals Private Limited (CCPL) has been formed to leverage the Companys rich legacy in fluorine chemistry and the deep outreach of the JV partner in the healthcare space. PEL holds 51% and the Company owns 49% of the equity share capital of CCPL. During the year 2016, the Company entered into an agreement with Honeywell to work together on the new generation refrigerant gas HFO 1234yf. HFO1234yf is a nextgeneration hydro fluoroolefin (HFO) refrigerant with GWP less than 1 and is a near dropin replacement for R134a, a hydro fluoro carbon (HFC), for use in vehicle air conditioning systems globally. This agreement depicts Honeywells confidence in Companys capabilities in developing new generation fluoro intermediates.At the 19th Annual General Meeting of the Company held on 29 June 2017, Members had passed Resolution approving subdivision of shares in the ratio of 5 Equity Shares of Rs2 each for every 1 Equity Share of Rs10 each. The record date for the aforesaid subdivision was 20 July 2017. Accordingly, the face value of equity shares of the Company stands reduced to Rs2/ per share.During the current year, the Company approved a capital expenditure of Rs11500 lakhs towards creating additional cGMP capacity and associated infrastructure. This capex is underway at the Companys Dewas facility, which is the hub of the CRAMS activities. During the year 2018, Companys business relating to manufacture and sale of Specialty Fluorochemicals at Dahej was transferred to Convergence Chemicals Private Limited, with effect from 1 December 2017, on a going concern basis by way of slump sales together with all the identified assets, liabilities, consents, permissions, services of employees etc.During FY 2019, the Company had entered into a Joint Venture (JV) agreement with Piramal Enterprises Limited (PEL) and accordingly a company by the name of Convergence Chemicals Private Limited (CCPL) has been formed to leverage the Companys capability in niche fluorination chemistry and deep outreach of the JV partner in the healthcare space. PEL holds 51% and the Company owns 49% of the equity share capital of CCPL. During the year 2019, a 100% subsidiary, NFIL (UK) Ltd was formed in the UK to acquire the balance shareholding of 49% from the shareholders of Manchester Organics Ltd. During the year, the Company made further infusion of 830 K into NFIL (UK) Ltd., which has been utilized to service the HDFC Bahrain Term Loan taken by NFIL (UK) Ltd. to part finance the 49% acquisition of MOL.In FY 201920, the Company started operations of cGMP3 at its Dewas site in Madhya Pradesh. It increased its presence in Europe helping create a robust customer pipeline, utilize additional capacities and derisk the Companys dependence on select customers. Besides, it diversified its product portfolio away from 23 compounds to an array of compounds and complex chemistries. The Company embarked on a greenfield expansion in Dahej in 2020 and invested approximately Rs. 500 crores.In FY 202021, Company invested Rs. 19,500 lakhs for setting up of a MultiPurpose Plant (MPP). It invested a capital expenditure of Rs. 9,000 lakhs towards site development and related infrastructure on approx. 74 acres of land for greenfield projects at Dahej in Gujarat. It signed a 410 million multiyear contract with a global company for manufacture and supply of a High Performance Product (HPP) in the fluoro chemicals space. It divested its shareholding in a JVC, Convergence Chemicals Private Limited (CCPL), pursuant to a Joint Venture Agreement between Piramal Enterprises Limited (PEL) and the Company. It commissioned a new plant for a fluorine building block for a number of chemistries done in Contract Research and Manufacturing Services (CRAMS). It established a significant refrigerant gas presence in the life science and crop science industries where it is used as a building block for the manufacture of a number of products. In FY 202122, Companys Surat plant developed technologies for several products, of which 4 products were commercialised. It increased the capacity of one of the inorganic product by 50% through business process reengineering. It addressed diverse customer requirements and enhanced products quality, strengthening customer retention. It further implemented BMR (Batch Manufacturing Records), enhancing data capture directly from the distributed control system. It invested Rs. 75 crores in capital investment to enhance and debottleneck manufacturing capacity of cGMP3 plant. It invested Rs. 78.65 crore for infrastructure development and capability upgradation at Bhestan site. It made equipment modifications that empowered the unit to perform reactions at deep subzero temperatures. It installed specialised software and engaged an international consultant to strengthen its documentation management system. It developed 4 products that were transferred to the main plant for onward commercialisation. It expanded manufacturing footprint and upgraded infrastructure, enhancing capacity by 25%. In 202223, the High Performance Products (HPP) business commenced plant operations at Dahej Unit. The Specialty Chemicals business also commenced operations at Dahej Unit to supply fluorine based agri intermediates.