Piramal Enterprises surges of entering into joint venture with Navin Fluorine International

BSE Code - 500302
Face Value -  Rs 2.00
Group -  BSE 'A'
Shareholding pattern -  (a)Promoters - 52.91%
                                   (b)Institutions - 30.41%
                                   (c)Non-Institutions - 16.68%
One year High-Low - Rs 791- Rs 482.65

     Piramal Enterprises (PEL), one of India’s largest diversified companies, and Navin Fluorine International, a Arvind Mafatlal Group Company, have agreed to form a joint venture company (JVC) to develop, manufacture and sell specialty Fluorochemicals with specific focus on applications in healthcare.
     Piramal Enterprises 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 JVC is expected to invest around Rs 120 crore in India.
     The strategic joint venture leverages Navin’s fluorochemicals 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 Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors.
     Piramal Enterprises is currently trading at Rs 692.80, up by 12.65 points from its previous closing of Rs 680.15 on the BSE.