Gujarat Fluorochemicals (GFL) announced on Wednesday that its subsidiary, GFCL EV Products, has successfully raised ₹1,000 crore, achieving an equity valuation of approximately ₹25,000 crore. The funding round was spearheaded by the promoters of the INOXGFL Group, alongside several prominent investors, including family offices from some of India’s largest business groups. The investment aims to support the company’s capital expenditure as it expands to tap into significant global opportunities in the electric vehicle (EV) and energy storage systems (ESS) sectors.
GFCL EV is equipped with fully integrated manufacturing capabilities, including backward integration into essential materials such as AHF, LiF, and fluorspar. Its diverse product range serves the EV and ESS markets and includes battery chemicals, cathode active materials (LFP), and various binders (PVDF and PTFE).
With a robust portfolio, GFCL EV is well-positioned to seize opportunities arising from the US Inflation Reduction Act and the global trend of diversifying supply chains away from a single source. The global EV battery market is projected to reach $300 billion by 2030, driven by a surge in lithium battery demand, which is expected to increase from around 1,100 GWh to 5,000-6,000 GWh.
This growth presents substantial demand for the battery materials offered by GFCL EV. Gujarat Fluorochemicals Limited (GFL) is a leading Indian company specializing in the production of fluorochemicals, which are critical for a wide range of industries including pharmaceuticals, chemicals, and refrigeration.
Established in 1987, GFL is part of the INOX Group and has built a strong reputation for manufacturing high-quality products such as refrigerant gases, PTFE (polytetrafluoroethylene), and other fluoropolymer-based products. With a focus on innovation, GFL has expanded its global footprint, serving markets in Asia, Europe, and the Americas.
The company is committed to sustainability, implementing environmentally-friendly practices in its manufacturing processes. GFL also invests heavily in research and development to maintain its competitive edge in the rapidly evolving chemical industry, particularly in areas like green chemistry and advanced material solutions.
