Navin Fluorine International (NFIL), a part of the Arvind Mafatlal Group, has acquired a 51% stake in UK-based company Manchester Organics for 4.335 million pounds. Manchester Organics, a privately-held company founded in 1996, specialises in laboratory scale multi-step synthesis of a wide variety of organic compounds. NFIL will have call option to buy and the present promoters who continue to hold the balance 49% equity in Manchester Organics will have put option to sell these 49% shares after four years at a price to be computed on the basis of then valuation of Manchester Organics.

"Acquiring a majority control in Manchester Organics will be an important step for NFIL in its aspirations to become one of the major global companies in specialised fluorination chemistries," Arvind Mafatlal Group chairman Hrishikesh A Mafatlal said in a statement issued here.

"With Manchester Organics into its fold, NIFL will have access to some of the cutting edge fluorination chemistries. This will enhance NIFL's capabilities to undertake more complex fluorination projects and add more value to their specialty fluorochemicals portfolio," NIFL managing director Shekhar Khanolkar said.

NFIL, with a turnover of $100 million, has been investing to build a strong research-driven business model, including CRAMS (Contract Research and Manufacturing Services) business out of its Surat and Dewas sites, the statement said.