- US$50 million investment to accelerate nation’s first integrated battery materials complex
- GFCL EV’s Gujarat-based capabilities to boost clean-tech manufacturing and exports
- Move strengthens India’s energy security and EV supply-chain resilience
- Partnership positions Gujarat as a global hub for advanced battery technologies
NE BUSINESS BUREAU
NOIDA, DEC 5
Gujarat’s leadership in advanced clean-technology manufacturing received a major boost on Thursday, with the International Finance Corporation (IFC), a member of the World Bank Group, committing nearly US$50 million to GFCL EV Products Limited (GFCL EV), the wholly owned subsidiary of Gujarat Fluorochemicals Limited (GFL). The investment—through compulsorily convertible instruments—will power India’s first fully integrated battery materials facility, anchored in Gujarat.
The Gujarat-based unit will strengthen high-value manufacturing, create specialised jobs, and bolster India’s strategic position in global EV and energy-storage supply chains. The initiative aligns with national goals of energy security, electric mobility expansion, and domestic value creation—areas where Gujarat continues to lead with policy stability and industrial depth.
Integrated battery materials ecosystem rooted in Gujarat
GFCL EV, part of the INOXGFL Group, brings fully integrated manufacturing capabilities—from raw materials to advanced battery chemicals—making it one of the few players globally to operate at such scale. Its product portfolio, servicing electric mobility and energy-storage sectors, includes:
- Battery chemicals: LiPF6 electrolyte salt, electrolyte formulations, performance additives
- Cathode active materials: LFP
- Binders: PVDF and PTFE
The Gujarat facility will reinforce India’s competitiveness in the global battery-materials value chain, accelerating clean-tech adoption and reducing dependence on imports.
Leaders hail milestone for Gujarat and India
Vivek Jain, Chairman of INOXGFL Group, said the IFC partnership validates GFCL EV’s position as a global leader in battery materials. “This milestone reinforces our vision for a greener future supported by IFC’s global expertise and commitment to sustainable development. IFC’s investment is an endorsement of our differentiated model and growth trajectory, and this partnership shall create long-term sustainable value for existing shareholders.”
Dr Bir Kapoor, DMD and CEO, GFL, called IFC’s stake “a major milestone for India’s battery materials ecosystem.” He said the capital infusion will enable GFCL EV to scale manufacturing of advanced battery materials and strengthen India’s role in global supply chains. “GFCL EV stands among the few large-scale integrated battery materials manufacturers worldwide, covering more than 50% of the LFP battery cell bill of materials,” he said.
IFC leaders emphasised that India—led strongly by manufacturing states like Gujarat—has the opportunity to emerge as a central player in advanced energy technologies.
Imad N Fakhoury, IFC Regional Division Director for South Asia, said the investment supports localisation of global value chains and enables first-of-its-kind greenfield battery manufacturing. “India has a clear opportunity to strengthen domestic capacity in key battery materials and secure its place in global growth markets for advanced energy technologies,” he said.
Carsten Mueller, IFC Regional Industry Director for MAS for Asia, added that the partnership will help build an integrated “one-stop platform” for battery materials in India, boosting innovation, private investment and high-skilled job creation.
Barclays acted as exclusive financial advisor to GFCL EV for the transaction.
