New Delhi: Gujarat Fluorochemicals Limited (GFL), India’s leading fluorochemicals company, has announced a landmark partnership with the International Finance Corporation (IFC), a member of the World Bank Group. IFC will invest approximately US$ 50 million in GFL’s subsidiary GFCL EV Products Limited (GFCL EV) through compulsorily convertible instruments to establish India’s first integrated battery materials facility.
This investment will drive high-value manufacturing, create jobs, strengthen India’s position in global supply chains, and advance national priorities of energy security, transport electrification, and local value creation. GFCL EV, with its diversified offerings and strong credentials, aims to reinforce India’s emergence as a competitive player in the global battery-materials value chain. Grounded in innovation and sustainability, the company will accelerate clean-technology adoption, lower emissions, and support India’s ambition to become a global hub for advanced battery materials.
The company’s integrated manufacturing capabilities include backward integration into key raw materials. Its current product portfolio caters to both electric vehicle and energy storage sectors, comprising:
- Battery chemicals – electrolyte salt LiPF6, electrolyte formulations, and performance-enhancing additives
- Cathode active materials (LFP)
- Binders – PVDF and PTFE
Vivek Jain, Chairman, INOXGFL Group: “We are delighted to welcome IFC as a partner in GFCL EV. This milestone reinforces our vision for a greener future supported by IFC’s global expertise and commitment to sustainable development. Their investment endorses our differentiated model and growth trajectory, underlining our global leadership in battery materials.”
Dr. Bir Kapoor, DMD & CEO, Gujarat Fluorochemicals Ltd.: “This is IFC’s first investment in a battery materials company in India, marking a major milestone for the ecosystem. This capital raise enables us to scale up manufacturing capacity for advanced battery materials, strengthening India’s position in the global supply chain. GFCL EV now stands among the few large-scale integrated battery materials manufacturers worldwide, covering more than 50% of the LFP battery cell bill of materials.”
Imad N Fakhoury, IFC Regional Division Director for South Asia: “We are happy to partner with GFCL EV on this milestone initiative to advance value‑added manufacturing in India. As the country scales its EV and energy‑storage sectors, India has a clear opportunity to strengthen domestic capacity in key battery materials and secure its place in the global market for advanced energy technologies.”
Carsten Mueller, IFC Regional Industry Director for Manufacturing, Agribusiness, and Services for Asia: “IFC’s partnership with GFCL EV will help build an integrated one-stop platform for battery materials. By building new domestic capacity, we aim to support India’s energy security, boost innovation, mobilize private investment, and create high-skilled jobs.”
This partnership represents:
- IFC’s first investment in India’s battery materials sector
- Creation of a greenfield integrated battery materials facility
- Strengthening of India’s role in the global e-mobility value chain
- Advancement of the Make in India initiative through localized high-value manufacturing
