Gujarat Fluorochemicals Limited (GFL) announced today that corporate guarantees it extended to Inox Wind Limited (IWL) will be vacated, following IWL’s new consortium agreement with banks led by ICICI Bank. This development is expected to significantly reduce GFL’s contingent liabilities, strengthening its financial position.
The shares of Gujarat Fluorochemicals Limited (GFL) were trading at ₹4,404 up by ₹163.55 or 3.86 per cent on the NSE today at 11 am.
Akhil Jindal, Group CFO of INOXGFL Group, stated that the removal of these guarantees will substantially improve GFL’s balance sheet. He emphasized that recent strategic actions have positioned all group companies to capitalize on opportunities in new-age sectors, particularly in the energy transition space.
GFL, a leading producer of fluoropolymers, fluorochemicals, and battery materials in India, is part of the US$12 billion INOXGFL Group. The company operates three manufacturing units in Gujarat and a fluorspar mine in Morocco, with a global presence through offices in Europe, USA, and the Middle East.
GFCL EV, a wholly-owned subsidiary of GFL, focuses on battery materials for the electric vehicle and energy storage systems markets, leveraging the growing global energy transition trend.