Gujarat Fluorochemicals Limited (GFCL) announced a major strategic expansion through its subsidiary, GFCL EV (SFZ) LLC, into Oman. The subsidiary is setting up a state-of-the-art greenfield project in the Salalah Free Zone to manufacture advanced battery materials for New Age industries, specifically for EV and Energy Storage applications. The initial investment for this significant international venture is pegged at approximately USD 216 million.
Strategic Expansion into Oman
Gujarat Fluorochemicals Limited (GFCL) has confirmed a significant step in its global growth strategy by finalizing agreements for a major overseas manufacturing unit. The subsidiary, GFCL EV (SFZ) LLC, which operates within the Salalah Free Zone in Oman, is commencing the development of a new, state-of-the-art greenfield project.
Focus on Advanced Battery Materials
This new facility will be dedicated to the production of advanced battery materials. These materials are crucial for high-growth segments, including Electric Vehicles (EV) and large-scale Energy Storage applications. The establishment of this manufacturing base underscores GFCL’s commitment to serving the burgeoning global demand in these sectors.
Financial Commitment and Agreements Signed
The project represents a substantial commitment, with an initial investment valued at approximately USD 216 million. In connection with this venture, the company successfully signed an Invest Agreement with the Sultanate of Oman (through Invest Oman) and a Land Lease Agreement with the Salalah Free Zone Company LLC. GFCL EV Products Limited, part of the wider INOXGFL Group, oversees this subsidiary, leveraging the Group’s existing expertise in Fluoropolymers and renewables.
Source: BSE
