Navin Fluorine Appoints Nitin Kulkarni As Managing Director

Indian specialty fluorochemicals manufacturer Navin Fluorine International Ltd. (NFIL) said its board appointed Nitin Kulkarni as managing director for five years.

Kulkarni’s appointment is effective from 24 June, subject to approval of shareholders, Niraj Mankad, president - legal and company secretary, said in a stock exchange announcement.

Kulkarni has over three decades of experience across the specialty chemicals value chain, specifically covering fluoro-chemicals and contract development and manufacturing organization (CDMO), according to the statement.

The development comes following the resignation of Managing Director Radhesh Welling in December 2023.

PREVIOUS ROLE

NFIL said in his last role as executive director at OC Specialty for over a decade, Kulkarni played an entrepreneurial and pivotal role in conceptualizing and establishing the company as a leading global player in the specialty chemical and CDMO space with customers across India, Europe, North America, Japan and China.

Kulkarni, who holds a Masters in Organic Chemistry from the University of Mumbai, has previously worked with NFIL for seven years, heading business development, where he was instrumental in establishing the specialty business, it added.

NFIL said Kulkarni’s experience also includes diverse roles in strategy, business development and manufacturing, working for companies in Aditya Birla Group and Hindustan Unilever Group.

NFIL, a part of Padmanabh Mafatlal Group, is one of the largest Indian manufacturers of specialty fluorochemicals, according to its website. Established in 1967, NFIL operates one of the largest integrated fluorochemicals complexes in India with manufacturing locations at Surat and Dahej in western India and Dewas in central India, it said.

BROKERAGE VIEW

“The new MD's long track record in specialty chemicals positions NFIL well, though his ability to scale up the business will be our key monitorable,” Jefferies said in an investor note.

Kulkarni needs to address high top management turnover and execution challenges in ramp-up, it added, noting that his strategy on capital expenditure and investments to scale up the business will be keenly watched.

The brokerage affirmed its Hold call on NFIL with a base case target price of 3,070 rupees per share. It has a target price of 3,800 rupees on the stock, based on its upside scenario assumptions.

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