Several family offices co-invested in a Rs 1,000-crore funding round of GFCL EV Products, a subsidiary of fluorochemicals company Gujarat Fluorochemicals(GFL). Promoters of INOXGFL Group led the funding round.
Gujarat Fluorochemicals said the subsidiary’s fundraising was done at a equity valuation Rs 25,000 crore, or around $3 billion, but did not give details of investors, apart from INOXGFL Group.
The funding will be used for capex requirements of the company, which plans to scale up operations to tap into global opportunities available in the electric vehicles (EV) and energy storage systems (ESS) space.
GFCL EV offers a range of battery material products from an integrated manufacturing facility. The company has a diversified battery material offering that could help it seize opportunities in the US owing to the Inflation Reduction Act (IRA), and also leverage strategic diversification of supply chains moving away from a single country, it said.
“At INOXGFL Group, we are playing a significant role in the entire energy transition space, be it EV, green hydrogen, wind or the solar ecosystem, ” said Devansh Jain, executive director of INOXGFL Group.
Gujarat Fluorochemicals Limited (GFL) is India’s leading producer of fluoropolymers, fluorochemicals and battery materials. It is part of the $12-billion INOXGFL Group specialising in chemicals and renewable energy.
GFL, which has a market capitalisation of Rs 45,770 crore, reported total income of Rs 1,096 crore in the June quarter, with a net profit of Rs 111 crore.
“GFCL EV has already started the sampling and validation process and expects to commence commercial sales by Q4 FY25,” said Bir Kapoor, CEO, GFL.
