Piramal Pharmaceutical Development Services Private Limited signed an agreement to acquire remaining 49% stake in Convergence Chemicals Private Limited from Navin Fluorine International Limited for approximately INR 650 million.
October 27, 2020
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Piramal Pharmaceutical Development Services Private Limited signed an agreement to acquire remaining 49% stake in Convergence Chemicals Private Limited from Navin Fluorine International Limited (BSE:532504) for approximately INR 650 million on October 28, 2020. Under the transaction, Piramal Pharmaceutical will acquire 34.3 million shares of Convergence Chemicals in cash. As a result of the transaction, Convergence Chemicals would become a wholly owned subsidiary of Piramal Pharmaceutical. During the financial year ended March 31, 2020, Convergence Chemicals reported turnover of INR 1.07 billion. The transaction is subject to customary regulatory closing conditions. The acquisition is likely to be completed by January 31, 2021. As on January 25, 2021, the transaction is expected to complete by the year ending March 31, 2021.
Navin Fluorine International Limited is an India-based company that is primarily focused on fluorine chemistry, which produces refrigeration gases, inorganic fluorides, specialty organofluorines. The Company operates through the Chemical Business segment. It has two geographical segments based upon the location of its customers, which include within India and outside India. It is the manufacturer of specialty fluorochemicals, which comprises synthetic cryolite, fluorocarbon gases, and hydrofluoric acid and other fluorine chemicals. It offers contract research and manufacturing services. The Company has anhydrous hydrofluoric and diluted hydrofluoric acid manufacturing capacities in India with a multi-product portfolio. It serves industries, including stainless steel, glass, oil and gas, abrasives, electronic products, and life and crop science, among others. The Companyâs manufacturing facilities are located at Surat in Gujarat and Dewas in Madhya Pradesh.
Piramal Pharmaceutical Development Services Private Limited signed an agreement to acquire remaining 49% stake in Convergence Chemicals Private Limited from Navin Fluorine International Limited for approximately INR 650 million.
NAVIN FLUORINE INTERNATIONAL LIMITED 
