IFC invests ~US$ 50 million in GFCL EV for integrated battery materials facility in Gujarat
Gujarat Fluorochemicals Limited (GFL) announced that the International Finance Corporation (IFC), a member of the World Bank Group, has committed to invest approximately US$ 50 million in its subsidiary GFCL EV Products Ltd. (GFCL EV) through compulsorily convertible instruments. The investment will support the development of an integrated battery materials facility in Jolva, Gujarat. The project is intended to expand domestic manufacturing capacity, generate employment, and contribute to India’s energy transition and electric mobility goals.
GFCL EV manufactures battery chemicals with backward integration into key raw materials. The company supplies both the electric vehicle and stationary energy storage sectors. Its product portfolio covers nearly 50% of the LFP battery cell bill of materials and includes electrolyte salt LiPF6, electrolyte formulations and additives, LFP cathode active materials, and fluoropolymer binders (PVDF and PTFE).
The company has commissioned its LFP cathode active materials facility and plans to initiate customer qualification processes. LiPF6 sales are expected to begin soon, and binder qualification is underway with sales anticipated in the first half of CY2026. GFCL EV previously raised INR 1,000 crore in equity capital from INOXGFL Group promoters and other investors at a valuation of INR 25,000 crore, and is investing around INR 6,000 crore over 4–5 years to expand production capacity.
Barclays acted as the exclusive financial advisor to GFCL EV on the transaction.
On this occasion, Vivek Jain, Chairman of INOXGFL Group, stated that IFC’s investment supports GFCL EV’s strategic plans and long-term expansion objectives in the battery materials sector.
Dr. Bir Kapoor, DMD and CEO of Gujarat Fluorochemicals Ltd., said that this is IFC’s first investment in an Indian battery materials company, enabling scale-up of production capacity. He noted that GFCL EV’s product portfolio covers over 50% of the LFP battery cell bill of materials.
Imad N. Fakhoury, IFC Regional Division Director for South Asia, commented that the investment aligns with IFC’s efforts to strengthen India’s e-mobility supply chain and enhance domestic capability in battery materials manufacturing.
Carsten Mueller, IFC Regional Industry Director for Manufacturing, Agribusiness, and Services for Asia, said that the partnership aims to support the development of localized battery material production and related skilled employment.
Gujarat Fluorochemicals Limited (GFL), part of the INOXGFL Group, produces fluoropolymers, fluorochemicals, and battery materials, with manufacturing facilities in Gujarat and a Fluorspar mine in Morocco. Its subsidiary, GFCL EV Products Ltd., manufactures battery materials for electric mobility and energy storage.
Also read: GFCL EV invest INR 6000 crore in LiPF6 project for battery supply chain
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