Gujarat Fluorochemicals Limited (GFL) announced that its subsidiary, GFCL EV Products Ltd., has successfully raised an additional USD 80 million from a global marquee investor. This new funding supplements the USD 50 million already secured from the International Finance Corporation (IFC). The total capital raise of USD 130 million will significantly scale up GFCL EV’s manufacturing capacity for advanced battery materials, supporting India’s energy transition and electrification goals.
GFCL EV Closes Additional Strategic Funding Round
Gujarat Fluorochemicals Limited (GFL) announced on March 27, 2026, that its specialized subsidiary, GFCL EV Products Ltd. (GFCL EV), has secured approximately USD 80 million in fresh capital from a leading global investor. This investment is in addition to the initial USD 50 million commitment received from the International Finance Corporation (IFC), a member of the World Bank Group.
The combined capital influx of USD 130 million is earmarked to drive high-value manufacturing in the battery materials sector. This strategic funding is expected to create jobs, strengthen global supply chains, and advance key national priorities such as energy security and transport electrification.
Reinforcing India’s Battery Value Chain Position
GFCL EV is positioning itself as a competitive player in the battery-materials value chain through innovation and sustainability. The company operates a fully integrated manufacturing facility in India with backward integration into crucial raw materials. Its current product portfolio supports both the electric vehicle (EV) and energy storage system (ESS) sectors and includes:
- Battery chemicals, such as the electrolyte salt LiPF6, electrolyte formulations, and additives.
- Cathode active materials (LFP).
- Binders, including both PVDF and PTFE.
Leadership Commentary on Expansion
Mr. Vivek Jain, Chairman of the INOXGFL Group, expressed delight in welcoming the new marquee investor alongside the IFC. He stated that this financing round reinforces the vision for a greener future and accelerates India’s energy transition.
Dr. Bir Kapoor, DMD and CEO of Gujarat Fluorochemicals Ltd., highlighted the significance of the full capital raise: “Together we have achieved Capital raise of 130 million USD, which will enable us to scale up our manufacturing capacity for advanced battery materials strengthening our position in the global supply chain.”
About Gujarat Fluorochemicals Limited (GFL)
GFL is identified as India’s foremost producer of fluoropolymers, fluorochemicals, and battery materials, operating under the US$ ~ 18 bn INOXGFL Group. The company boasts three manufacturing units in Gujarat, including one of the world’s most integrated facilities at Dahej, complemented by a captive Fluorspar mine in Morocco. GFL is recognized as the largest producer of fluoropolymers in India and ranks among the top few globally.
Barclays served as the exclusive financial advisor to GFCL EV for this transaction.
Source: BSE
