Gujarat Fluorochem's EV Division Secures ₹1k crore for Expansion

24 Oct 2024 , 01:41 PM

Gujarat Fluorochemicals announced on Wednesday that it had raised ₹1,000 crore at an equity valuation of ₹25,000 crore for its electric vehicle goods subsidiary, GFCL EV goods.

“GFCL EV is well positioned to capture a sizeable value share in the global battery materials industry and become a preferred partner to EV/ESS battery/cell manufacturers in their quest to secure a sustainable and reliable supply chain,” the business stated.

Along with a number of high-profile investors, including the family offices of some of the biggest corporate conglomerates in India, the promoters of the InoxGFL Group, of which Gujarat Fluorochemicals is a part, spearheaded the fundraising effort, the company stated.

The money will be used to meet the company’s capital expenditure needs as it grows to take advantage of the vast global potential in the EV and energy storage systems (ESS) markets.

With its wide range of battery materials and solid reputation, GFCL EV hopes to take advantage of the opportunities brought about by the US’s Inflation Reduction Act (IRA) and the deliberate diversification of supply chains abroad away from a single nation of origin.

According to Devansh Jain, executive director of InoxGFL Group stated to ET “GFCL EV is on the path to deliver exponential growth going ahead as it scales up and becomes the preferred supplier of some of the largest global OEMs in the auto industry.”

For feedback and suggestions, write to us at [e-mail]