Gujarat Fluorochemicals Limited’s subsidiary GFCL EV has raised approximately USD 80 million from a global marquee investor, the company announced on 27th March, 2026. This capital raise follows an earlier investment of approximately USD 50 million from the International Finance Corporation (IFC), a member of the World Bank Group, bringing total capital raised to USD 130 million.
The fundraising will support high-value manufacturing operations, job creation, and strengthen India’s position in global battery materials supply chains. GFCL EV aims to advance energy security priorities, transport electrification, and local value creation through its battery materials business.
GFCL EV operates fully integrated manufacturing capabilities for battery chemicals with backward integration into key raw materials. The company’s current product portfolio serves both electric vehicle and energy storage sectors, offering battery chemicals including electrolyte salt LiPF6, electrolyte formulations, and additives for enhanced performance. The company also manufactures cathode active materials (LFP) and binders in both PVDF and PTFE variants.
Vivek Jain, Chairman of INOXGFL Group, stated, “We are delighted to welcome another marquee investor after IFC as our partner in GFCL EV. This round of financing further reinforces our vision for a greener future supported by IFC’s global expertise and commitment to sustainable development, aiding in accelerating India’s energy transition. These partnerships underline our leadership in battery materials and shall create long term sustainable value for existing shareholders.”
Dr. Bir Kapoor, DMD and CEO of Gujarat Fluorochemicals Limited, added, “Together we have achieved capital raise of 130 million USD, which will enable us to scale up our manufacturing capacity for advanced battery materials strengthening our position in the global supply chain.”
Barclays served as exclusive financial adviser to GFCL EV on the transaction. Gujarat Fluorochemicals Limited is India’s leading producer of fluoropolymers, fluorochemicals, and battery materials, forming part of the approximately USD 18 billion INOXGFL Group. The parent company operates three manufacturing units in Gujarat and maintains a captive fluorspar mine in Morocco, with global presence through offices and warehouses in Europe, USA, and the Middle East.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).