The board of directors of Gujarat Fluorochemicals Ltd (GFL) has approved the slump sale of its captive power plant to its subsidiary, IGREL Mahidad Ltd, for Rs 200 crore. The funds generated from the sale will help GFL meet both its current and future power needs, as stated in a regulatory filing. IGREL Mahidad Ltd. is involved in the generation, distribution, and supply of electricity, using both conventional and renewable energy sources. The transaction is expected to be completed by March 31, 2025.
As part of the deal, GFL will purchase up to 107 megawatts of power from IGREL Mahidad at a rate of Rs 4 per unit, with the final transaction value to be determined based on the units generated and the commercial operation date. In addition, the board has approved an investment of up to Rs 40 crore by subscribing to equity shares of IGREL Mahidad to support the subsidiary’s capital expenditure needs.
GFL also plans to acquire a 26% stake in Flurry Wind Energy Pvt. Ltd. (FWEPL), a promoter-owned company, for Rs 200 crore. This investment aims to support FWEPL’s capital expenditures as it develops wind power plants to supply electricity to GFL’s chemical manufacturing units. Under this arrangement, GFL will purchase up to 350 megawatts of power from FWEPL at a rate of Rs 4 per unit, with the transaction value again based on the units generated and the commercial operation date.
Gujarat Fluorochemicals, part of the Inox Group, is a leading producer of bulk chemicals, fluorochemicals, fluoropolymers, and related products. Established in 1987, the company has grown to become a global leader in the production of high-performance fluoropolymers, fluorospecialties, and refrigerants.
GFL’s advanced manufacturing facilities and R&D capabilities enable it to serve diverse industries, including automotive, electronics, pharmaceuticals, and renewable energy. The company is known for its strong commitment to innovation, sustainability, and customer-centric solutions, aligning with global trends and regulatory standards. With a robust international footprint, GFL continues to drive growth by delivering cutting-edge chemical solutions tailored to industry-specific needs.
