Late on Tuesday evening Arvind Mafatlal Group enterprise, Navin Fluorine International Ltd. informed the Bombay Stock Exchange about its acquisition of a UK-based chemical research firm.
Navin Fluorine International Ltd. stated that it had acquired a 51 per cent stake in Manchester Organics Ltd. for GBP 4.33 million. Additionally, the company will have a “call option" to buy, while the current 49 per cent stake holders will have “put option" to sell their share after four years. The selling price would be calculated on the basis of future valuation of the UK-based firm.
Through the acquisition Navin Fluorides will be able to venture into some state of the art fluorination chemistries, which in turn would boost the firm"s competences to carry out more complex Fluorination projects and add value to their existing portfolio.
Navin Fluorine is primarily engaged in three core businesses - refrigeration gases, chemicals or bulk fluorides and specialty organo-fluorines. The company has plants in Gujarat and Madhya Pradesh.
Manchester Organics is a privately owned chemical business firm based in north England. Established in 1996, the company deals in production of a wide-range of organic compounds.
On Tuesday at the Bombay Stock Exchange (BSE), stocks of the firm closed trading at Rs. 274.60 down by 0.76 per cent or by Rs. 2.10. The stock saw an intraday high of Rs. 280.60 and a low of Rs. 272.05.