Gujarat Fluorochemicals Limited has announced that the International Finance Corporation will invest about USD 50 million in its subsidiary GFCL EV Products Limited to develop an integrated battery materials facility. The investment will be made through compulsorily convertible instruments and is intended to expand domestic capacity in battery chemicals, cathode active materials and binders. According to the disclosure document, the facility will cater to applications in electric vehicles and energy-storage systems .
GFCL EV produces electrolyte salt LiPF6, electrolyte formulations, additives, lithium-iron-phosphate cathode materials and both PVDF and PTFE binders. The company stated that the investment will support expansion of its integrated manufacturing platform, which includes backward linkages into key raw materials.
“Their investment in GFCL EV is an endorsement of our differentiated model and growth trajectory,” said Vivek Jain, Chairman, INOXGFL Group . “This is IFC’s first investment in a battery materials company in India, marking a major milestone for India’s battery materials ecosystem,” said Dr. Bir Kapoor, DMD and CEO, Gujarat Fluorochemicals Ltd. “This capital raise enables us to scale up our manufacturing capacity for advanced battery materials strengthening India’s position in the global supply chain,” he said .
“We are happy to partner with GFCL EV on this milestone initiative to advance value-added manufacturing in India,” said Imad N Fakhoury, IFC Regional Division Director for South Asia. “As the country scales its electric vehicle and energy-storage sectors, India has a clear opportunity to strengthen domestic capacity in key battery materials, set new benchmarks for high-performance supply chains, and secure its place in the global market for advanced energy technologies,” he said .
“IFC’s partnership with GFCL EV will help build an integrated one-stop platform for battery materials—bringing key stages of the value chain under one roof and support faster localization of India’s battery manufacturing sector,” said Carsten Mueller, IFC Regional Industry Director for Manufacturing, Agribusiness, and Services for Asia .
Gujarat Fluorochemicals Limited manufactures fluoropolymers, fluorochemicals and battery materials. It operates three manufacturing units in Gujarat, including an integrated facility at Dahej, and maintains a global presence through offices and warehouses in Europe, the United States and the Middle East .
