The development of infrastructure at Dahej in Gujarat will enable it to set up future greenfield projects in fluorochemicals, says the company.
Navin Fluorine International share price rose more than 3 percent intraday on December 13 after the company announced a Rs 450-crore investment in a new project in Gujarat’s Dahej.
The company was planning a capex programme at Dahej through a wholly owned subsidiary with an estimated aggregate capital outlay of over Rs 450 crore over the next three-four years, it told BSE.
At a meeting on December 12, the company's board approved a capital expenditure of around Rs 90 crore for site development and infrastructure for greenfield projects at Dahej through a wholly owned subsidiary, to be incorporated.
The expenditure will be funded by the company out of its internal accruals.At 1004 hours, Navin Fluorine International was quoting at Rs 933.60, up Rs 25.65, or 2.83 percent, on the BSE.