Gujarat Fluorochemicals Limited (GFCL) has secured a capital investment of ₹1,000 crore for its electric vehicle (EV) battery materials subsidiary, GFCL EV Products. The investment round was led by InoxGFL Group promoters, alongside contributions from other investors and family offices from major Indian business groups, as stated in a company press release.
This funding values GFCL EV Products at approximately ₹25,000 crore, with the capital earmarked to support capital expenditures as the company seeks to expand production and scale operations. GFCL EV aims to meet the increasing demand for EV and energy storage system (ESS) materials worldwide, positioning itself as a supply chain partner for battery and cell manufacturers.
The company’s portfolio of battery materials aligns with initiatives such as the U.S. Inflation Reduction Act, which encourages diversified, multi-origin supply chains. Devansh Jain, executive director of InoxGFL Group, noted the company’s growth trajectory, highlighting ongoing partnerships with major global automotive original equipment manufacturers (OEMs).
The EV battery supply chain market is projected to reach USD 300 billion by 2030, and GFCL EV’s expansion aims to contribute to this sector by increasing its production capacities for both electric mobility and energy storage solutions.