Gujarat Fluorochemicals' EV Division Secures ₹1,000 Crore Funding

Gujarat Fluorochemicals Ltd (GFL) announced recently that its subsidiary, GFCL EV Products (GFCL EV), has raised ₹1,000 crore at an equity valuation of around ₹25,000 crore. The funding round was led by the promoters of the INOXGFL Group, along with prominent investors, including the family offices of some of India’s largest business groups.

The funds will support GFCL EV’s capital expenditure as it scales up to take advantage of large global opportunities in the electric vehicle (EV) and energy storage systems (ESS) sectors.

GFCL EV boasts fully integrated manufacturing capabilities, including backward integration into critical materials like AHF, LiF, and captive fluorspar. Its product portfolio, catering to both EV and ESS markets, includes battery chemicals, cathode active materials (LFP), and binders such as PVDF and PTFE.

With a diversified battery materials offering, GFCL EV plans to capitalize on opportunities arising from the U.S. Inflation Reduction Act (IRA) and global efforts to diversify supply chains. The global EV battery market is expected to reach $300 billion by 2030, driven by soaring lithium battery demand, which is projected to grow from 1,100 GWh to 5,000-6,000 GWh during that period—areas where GFCL EV is poised to play a significant role.

HBL