In the first phase of development, the JV is expected to invest around Rs 120 crore in India, Piramal Enterprises said in a filing to BSE.
Piramal Enterprises and Navin Fluorine International Ltd have agreed to form a joint venture to develop, manufacture and sell speciality fluorochemicals with specific focus on applications in healthcare.
In the first phase of development, the JV is expected to invest around Rs 120 crore in India, Piramal Enterprises said in a filing to BSE.
"Piramal will hold 51 percent of the equity share capital of the proposed joint venture company and the remaining 49 percent will be held by Navin," it added.
The company said that with the increasing importance of fluorine in life sciences, there is considerable potential to exploit synergies between the two partners.
Piramal Enterprises scrip closed at Rs 680.15, down 2.26 percent, on the BSE.
Piramal Enter stock price
On August 22, 2014, Piramal Enterprises closed at Rs 680.15, down Rs 15.7, or 2.26 percent. The 52-week high of the share was Rs 791.00 and the 52-week low was Rs 482.65.
The company's trailing 12-month (TTM) EPS was at Rs 150.76 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 4.51. The latest book value of the company is Rs 528.91 per share. At current value, the price-to-book value of the company is 1.29.
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