GFL subsidiary GFCL EV raises Rs 1,000 cr to drive EV, ESS growth

Fluorochemicals company Gujarat Fluorochemicals (GFL) on Wednesday announced that its subsidiary, GFCL EV Products (GFCL EV), has successfully raised Rs 1,000 crore at an equity valuation of approximately Rs 25,000 crore.

 

The funding round was led by the promoters of the INOXGFL Group and included participation from several investors, including family offices of major Indian business conglomerates.

 

The fresh capital will be used to fund the company’s expansion plans and capitalise on the growing global demand for electric vehicles (EVs) and energy storage systems (ESSs). GFCL EV aims to become a key player in the global battery materials industry, offering a comprehensive range of products, including battery chemicals, cathode active materials, and binders.

 

 

With its manufacturing capabilities and diversified product portfolio, GFCL EV is positioned to benefit from the increasing adoption of EVs and ESSs worldwide. The company’s strategic focus on sustainability and reliability aligns with the global trend toward cleaner energy solutions.

 

Devansh Jain, executive director of INOXGFL Group, said, “We are very excited about the opportunities in the battery materials space and its role as a catalyst driving the EV/ESS growth story. GFCL EV is on the path to deliver exponential growth as it scales up and becomes the preferred supplier to some of the largest global original equipment manufacturers (OEMs) in the auto industry.”

 

Commenting on the fundraise, Bir Kapoor, deputy managing director and chief executive officer of GFL, said, “We are delighted to have the backing of some of the largest and most esteemed investors for GFCL EV. This is a multi-decadal opportunity, and being early movers in this space, having built capabilities over the last few years, we are confident of a massive growth journey ahead. GFCL EV has already started the sampling and validation process and expects to commence commercial sales by Q4 FY25.”

 

Gujarat Fluorochemicals (GFL) is a leading producer of fluoropolymers, fluorochemicals, and battery materials in India. It is part of the INOXGFL Group, a diversified conglomerate with a strong focus on chemicals and renewable energy. GFL operates manufacturing facilities in Gujarat and Morocco, serving customers globally. Its subsidiary, GFCL EV Products, specialises in battery materials for the EV and ESS markets.

 

The company’s stock fell 6.94 per cent to Rs 4,386.85 per share on Wednesday on the BSE.