Stallion India Fluorochemicals Limited has secured a significant milestone in its expansion strategy with RIICO's approval for land allotment for its proposed Hydrofluoroolefin (HFO) manufacturing plant in Rajasthan. The development strengthens the company's position in the fluorochemicals sector and supports its long-term growth objectives in specialty chemicals manufacturing. The Co-MD has expressed confidence in achieving 30-35% revenue growth over the next three years through strategic initiatives.

Land Allotment Details

The company received approval for Plot No. SP2-9 measuring approximately 53,369 sq. mtrs at the RIICO Industrial Area, Ukhalliya, District Bhilwara, Rajasthan. This new allocation is strategically positioned adjacent to the company's existing land holdings in the same industrial area.

Strategic Manufacturing Layout

The contiguous location of these three adjoining plots enables Stallion India Fluorochemicals to develop a fully integrated manufacturing layout. According to Managing Director & CEO Mr. Shazad Rustomji, this configuration will facilitate shared infrastructure, utilities, security, administration, and common factory management, creating operational synergies and supporting cost optimization as operations scale.

Investment and Timeline

The proposed HFO manufacturing facility represents an investment of approximately ₹200 crore with the start of work planned in 2027. This follows the company's R-32 project, which is targeted for commissioning by October 2026. HFOs represent the next phase of low-global-warming-potential refrigerant technologies and will significantly strengthen the company's product portfolio and long-term competitiveness.

RIPS-2024 Incentives

The Rajasthan project will be eligible for incentives under RIPS-2024, including capex-linked benefits. The incentive structure includes:

• SGST-linked incentives
• Capital and performance-linked support
• Interest subvention
• Employment-linked benefits

These benefits can cumulatively extend up to 100% of the eligible fixed capital investment, subject to approvals and eligibility conditions, significantly enhancing project viability and long-term returns.

Growth Outlook

Backed by these strategic initiatives, the Co-MD has expressed confidence in achieving the targeted 30–35% revenue CAGR over the next three years. The expansion aligns with India's vision of self-reliance in specialty chemicals and fluorochemicals while building a strong domestic manufacturing base for sustainable long-term value creation.

Stallion India Fluorochemicals Limited has announced that its proposed greenfield R-32 manufacturing facility at Bhilwara, Rajasthan will benefit from comprehensive incentives under the Rajasthan Investment Promotion Scheme (RIPS) 2024. The company had previously signed a strategic Memorandum of Understanding with the Government of Rajasthan for both R-32 and HFO manufacturing plants, with combined investments marking significant milestones in advanced refrigerant solutions.

RIPS 2024 Incentive Framework

Under RIPS 2024, Stallion's projects qualify under the Manufacturing category and meet criteria for Start-up classification within the prescribed startup period, enabling access to comprehensive fiscal incentives and exemptions.

Investment and Project Details

The development plan encompasses both R-32 and HFO manufacturing facilities with clear implementation timelines and substantial investment commitments.

Management Commentary on Policy Benefits

Mr. Shazad Rustomji, Managing Director & CEO, emphasized the strategic importance of RIPS 2024 benefits. He highlighted that the policy support significantly enhances project viability, cash flow profile and long-term return visibility. The comprehensive incentive framework covering capital subsidy, investment subsidy, turnover-linked incentives, interest subvention and employment-linked benefits will greatly increase project viability, shorten the Return on Capital invested and boost PAT once full production is achieved.

The management noted that both the R-32 and HFO plants will benefit from the same subsidy structure for eligible fixed capital investment and other eligible subsidies under RIPS 2024. This strong policy support aligns with the State's focus on green growth, export promotion and high-technology manufacturing, matching Stallion's strategy of building globally competitive, environmentally responsible and technology-led manufacturing assets.

Strategic Expansion and Market Position

Incorporated in 2002, Stallion India Fluorochemicals Limited operates as a specialized leader in the refrigerants and industrial gases sector with over three decades of experience. The company maintains strategic manufacturing facilities across multiple locations including Maharashtra (Khalapur and Panvel), Rajasthan (Ghiloth), Haryana (Manesar), with upcoming facilities at Mambattu (near Sricity, A.P.) and additional Khalapur facility.

The company's unique positioning focuses on a comprehensive mix of Refrigerant Gases, Specialities, Semiconductor Gases, and High Purity Industrial gases, along with gas blending capabilities. This diversified approach differentiates Stallion from competitors who primarily focus on either Industrial Gases or Refrigerants exclusively. The Rajasthan projects represent important steps in strengthening domestic refrigerant manufacturing, supporting import substitution and creating scalable platforms for future expansion. The management remains confident of achieving the targeted 30-35% revenue CAGR over the next three years through these strategic initiatives.