IFC Invests $50 Mn in GFCL EV for India's First Integrated Battery Materials Facility

Gujarat Fluorochemicals Limited (GFL), an Indian fluorochemicals producer, has announced a strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). IFC will invest approximately USD 50 million in GFL’s subsidiary GFCL EV Products Limited (GFCL EV) through the subscription of compulsorily convertible instruments.

The investment will finance the development of India’s first integrated battery materials manufacturing facility, marking a critical step in the country’s clean energy transition.

Accelerating Growth in Battery Materials

The new facility aims to drive high-value manufacturing, generate employment, and strengthen India’s position in global supply chains for advanced battery materials. It supports national goals such as energy security, transport electrification, and local value creation.

GFCL EV, which operates under GFL, offers a diversified portfolio encompassing battery chemicals, cathode active materials (LFP), and binders (PVDF and PTFE). With complete backward integration into key raw materials, the company is positioned to become a key player in India’s rapidly evolving electric vehicle (EV) and energy storage ecosystem.

Vivek Jain, Chairman, INOXGFL Group, said, “We are delighted to welcome IFC as a partner in GFCL EV. This milestone 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. IFC has a history of investing in sustainable businesses demonstrating long-term value creation. Their investment in GFCL EV is an endorsement of our differentiated model and growth trajectory. This partnership underlines our global leadership in battery materials and shall create long term sustainable value for existing shareholders.”

Bir Kapoor, DMD and CEO, Gujarat Fluorochemicals Ltd, added, “This is IFC’s first investment in a battery materials company in India, marking a major milestone for India’s battery materials ecosystem. This capital raise enables us to scale up our manufacturing capacity for advanced battery materials strengthening India’s position in the global supply chain. GFCL EV stands among the few large-scale integrated battery materials manufacturers worldwide, with a portfolio that covers more than 50 percent of the LFP battery cell bill of materials.”

About Gujarat Fluorochemicals Limited

Gujarat Fluorochemicals Limited (GFL) is Indian producer of fluoropolymers, fluorochemicals, and battery materials. Part of the USD 18 billion INOXGFL Group, the company operates across two main business verticals - chemicals and renewable energy. GFL maintains three manufacturing units in Gujarat, including one of the world’s most integrated facilities at Dahej, and owns a captive Fluorspar mine in Morocco. The firm has a global footprint covering Europe, the USA, and the Middle East.