GFCL EV Products Ltd, a wholly-owned subsidiary of Gujarat Fluorochemicals Limited (GFL), has secured ₹1,000 crore in funding at an equity valuation of approximately ₹25,000 crore. The funding round was led by INOXGFL Group promoters and included several prominent Indian business family offices, the company announced today.

The shares of Gujarat Fluorochemicals Limited (GFL) were trading at ₹4,481 down by ₹229.75 or 4.88 per cent on the NSE today at 11.25 am.

The funds will be used for capital expenditure as the company expands its operations in the electric vehicle (EV) and energy storage systems (ESS) battery materials space. GFCL EV expects to begin commercial sales by the fourth quarter of FY25, with product sampling and validation currently underway.

The company manufactures battery chemicals, including electrolyte salts LiPF6 and formulations, cathode active materials, and binders. It operates with fully integrated manufacturing capabilities and backward integration into AHF, LiF, and captive fluorspar.

The investment comes as the global EV battery chain market is projected to reach $300 billion by 2030, with lithium battery demand expected to grow from approximately 1,100 GWh to 5,000-6,000 GWh in the same period. GFCL EV aims to capitalize on opportunities arising from the U.S. Inflation Reduction Act and global efforts to diversify supply chains away from single-country dependence.

Gujarat Fluorochemicals Limited is part of the $12 billion INOXGFL Group and operates three manufacturing units in Gujarat and a fluorspar mine in Morocco.

Related Topics