Gujarat Fluorochemicals Limited’s subsidiary, GFCL EV Products Ltd, has received a major investment of approximately US$50 million from the International Finance Corporation (IFC), a member of the World Bank Group. The funds will be used to establish India’s first fully integrated battery‑materials manufacturing facility in Jolva, near Bharuch, Gujarat. This move is expected to significantly strengthen India’s clean energy and electric vehicle (EV) ecosystem.
The investment is structured through compulsorily convertible instruments, which will convert into equity in the future. IFC’s involvement reflects strong international confidence in GFCL EV’s business model and highlights the growing potential of India’s domestic battery materials supply chain.
GFCL EV already produces several key materials for batteries, including the electrolyte salt LiPF6, various electrolyte formulations and additives, LFP cathode active materials, and fluoropolymer binders such as PVDF and PTFE. Together, these components cover nearly half of the materials required to manufacture LFP battery cells, which are commonly used in electric vehicles and energy storage systems.
The new facility is expected to scale up production of these advanced battery materials, reduce India’s dependency on imports, and strengthen the domestic supply chain for EV and clean mobility technologies. GFCL EV has already commissioned its LFP cathode materials unit and is moving towards customer qualification and commercial sales of other products, with broader market entry anticipated in 2026.
Industry experts say the plant will generate high-value manufacturing jobs and enhance India’s position in the global battery materials market, which is expanding rapidly due to rising demand for electric vehicles and renewable energy storage. Barclays served as the exclusive financial advisor to GFCL EV for this investment.
Company officials noted that this marks IFC’s first investment in an Indian battery materials company. The partnership is expected to support GFCL EV in scaling operations, strengthening local value chains, and contributing to India’s clean energy and energy transition goals.
