GFCL EV Products (GFCL EV), a subsidiary of Gujarat Fluorochemicals (GFL), has approved the raise of ₹1,000 crore at an equity valuation of ₹25,000 crore. The promoters of the INOXGFL Group led the round in the fundraiser along with several marquee investors, including the family offices of some of the largest business groups in India.
The funds will be utilised for the capex requirements of the company as it scales up to capitalise on the large-scale global opportunities in the electric vehicles (EV) / energy storage systems (ESS) space.
GFCL EV, with its diversified battery materials offerings and strong credentials, aims to capitalise on the opportunities arising on the back of the Inflation Reduction Act (IRA) in the US and the strategic diversification globally of supply chains away from a single origin country. The global opportunity for the EV battery chain is estimated to reach $300 billion by 2030.
Bir Kapoor, Chief Executive Officer, GFL, said, “We are delighted to have the backing of some of the largest and most esteemed investors in the fundraising for GFCL EV. We see an enormous opportunity for the offerings of GFCL EV as the global EV market surges. This is a multi-decadal opportunity and being the early movers in this space and having built capabilities over the last few years, we are confident of a massive growth journey ahead. GFCL EV has already started the sampling and validation process and expects to commence commercial sales by Q4 FY25.”
Devansh Jain, Executive Director, INOXGFL Group, 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. We are very excited about the opportunities in the battery materials space and its role as a catalyst driving the EV growth story. GFCL EV is on the path to deliver exponential growth going ahead.”
