GFCL EV receives a $50 million investment from IFC to develop an integrated battery materials facility in Gujarat.

Gujarat Fluorochemicals Limited (GFL) has announced that the International Finance Corporation (IFC), which is a member of the World Bank Group has agreed to invest an approximate amount of $ 50 million in its subsidiary company called as GFCL EV Products Ltd. (GFCL EV) via compulsorily convertible instruments. 

This investment will be focussed towards the development of an integrated battery material facility situated in Jolva, Gujarat. This project will expand the manufacturing capacity and will generate more employment opportunities indirectly contributing to India’s energy transition and electric mobility vision. 

GFCL EV specializes in producing battery chemicals while also integrating backward into essential raw materials. The company caters to both the electric vehicle and stationary energy storage markets. 

Within its offerings, 50% comprises LFP battery cell materials, which include electrolyte salt LiPF6, various electrolyte formulations and additives, LFP cathode active materials, and fluoropolymer binders such as PVDF and PTFE.

GFCL EV previously secured 1,000 crore for its equity capital from the promoters of INOXGFL Group and other investors, achieving a total valuation of Rs 25,000 Crore. Additionally, it plans to invest Rs 6,000 crore over the next 4-5 years to enhance its manufacturing capacity.