This comes in addition to around $50 million previously raised from the International Finance Corporation (IFC), a member of the World Bank Group.
The combined capital will be deployed to drive high-value manufacturing, create employment opportunities, and strengthen the company’s position in global supply chains, as per exchange filing. It will also support broader priorities including energy security, transport electrification, and local value creation.
Vivek Jain, Chairman, INOXGFL Group, said, “We are delighted to welcome another marquee investor after IFC as our partner in GFCL EV. This round of financing further reinforces our vision for a greener future supported by IFC’s global expertise and commitment to sustainable development, aiding in accelerating India’s energy transition.”
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The firm claimed that it aims to reinforce India’s presence in the global battery materials value chain, leveraging its diversified product portfolio and integrated capabilities. The company focuses on innovation and sustainability to accelerate clean-technology adoption and reduce emissions.
Bir Kapoor, DMD and CEO, Gujarat Fluorochemicals Ltd, added, “Together we have achieved Capital raise of $130 million, which will enable us to scale up our manufacturing capacity for advanced battery materials strengthening our position in the global supply chain.
As per exchange filing, GFCL EV product portfolio caters to both electric vehicle and energy storage segments and includes battery chemicals such as electrolyte salt LiPF6, electrolyte formulations, and additives for enhanced performance, along with cathode active materials (LFP) and binders including PVDF and PTFE.
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Shares of Gujarat Fluorochemicals Ltd declined 204.60 points, or 6.28%, to close at ₹3,052.00, on March 27 at NSE.
