Gujarat Fluorochemicals Limited (GFL), India’s leading fluorochemicals company, announced today that the board of its subsidiary, GFCL EV Products Ltd. (GFCL EV), has approved a Rs 1,000 crore fund raise at an equity valuation of approximately Rs 25,000 crore. The round was led by the promoters of the INOXGFL Group, alongside several prominent investors, including family offices from some of India’s largest business conglomerates. The capital will be directed towards the company’s expansion plans as it aims to leverage global opportunities in the electric vehicle (EV) and energy storage systems (ESS) sectors.
GFCL EV is strategically positioned to capture a significant share of the global battery materials market and become a preferred supplier to EV and ESS battery manufacturers. With integrated manufacturing capabilities and backward integration into key raw materials like AHF, LiF, and captive fluorspar, GFCL EV’s product portfolio includes:
- Battery chemicals such as electrolyte salts (LiPF6), electrolyte formulations, and performance-enhancing additives
- Cathode active materials (LFP)
- Binders (PVDF and PTFE)
The company seeks to benefit from global market shifts, particularly the US Inflation Reduction Act (IRA) and the diversification of supply chains away from a single origin country. The global EV battery market is projected to reach $300 billion by 2030, with demand for lithium batteries expected to grow from 1,100 GWh to 5,000-6,000 GWh by the same year, creating substantial opportunities for battery material suppliers like GFCL EV.
Commenting on the fund raise, Mr. Devansh Jain, Executive Director of INOXGFL Group, said, “At INOXGFL, we are playing a pivotal role in the energy transition across sectors such as EVs, green hydrogen, wind, and solar. We are excited about the growth potential in the battery materials space, which is essential to the EV and ESS industries. GFCL EV is set to achieve exponential growth as it scales up to become a preferred supplier for major global OEMs.”
Dr. Bir Kapoor, DMD & CEO of GFL, added, “We are thrilled to have the support of prominent investors in this fund raise. The EV/ESS market is surging, and GFCL EV, having been an early mover in this space, is well-positioned for significant growth. We expect commercial sales to begin by Q4 FY25, with sampling and validation processes already underway.”
This funding round reinforces GFCL EV’s position as a key player in the global energy transition, particularly in the rapidly expanding EV and energy storage markets.
