Fluorochemicals company Gujarat Fluorochemicals' (GFL) subsidiary, GFCL EV Products (GFCL EV), has successfully raised Rs 1,000 crore at a valuation of approx. Rs 25,000 crore. The funding round was led by the promoters of the INOXGFL Group and included participation from investors, including family offices of major Indian business conglomerates.

The fresh capital will be utilised for funding the company’s expansion plans, and to meet the global demand for electric vehicles (EVs) and energy storage systems (ESSs). GFCL EV offers a range of products, including battery chemicals, cathode active materials, and binders.

With its manufacturing capabilities and diversified product portfolio, GFCL EV is well-positioned  with the increasing adoption of EVs and ESSs worldwide, and its strategic focus on sustainability and reliability.

The company is also setting up lithium iron phosphate (LFP) unit at Dahej in Bharuch district of Gujarat, and work on the project has recently commenced.

GFL is part of the INOXGFL Group, a diversified conglomerate focused on chemicals and renewable energy. It operates manufacturing facilities in Gujarat and Morocco.