Staff Writer
Ahmedabad: International Finance Corporation has committed $50 million to GFCL EV Products Limited, the new-age battery materials arm of Gujarat Fluorochemicals Limited. The funding, structured through compulsorily convertible instruments, is aimed at building India’s first fully integrated battery materials facility. The project is expected to play a central role in the growth of the electric vehicle and energy storage sectors.
The investment signals a strong endorsement of India’s efforts to localise the EV supply chain and reduce reliance on imported components. GFCL EV plans to manufacture a wide portfolio of battery inputs, including LiPF6 electrolyte salt, electrolyte formulations, performance additives, LFP cathode active materials and key binders such as PVDF and PTFE. Together, these products account for more than half the bill of materials for an LFP battery cell, positioning the company as a critical supplier in the emerging domestic battery ecosystem.
For IFC, the move aligns with its broader mandate to support clean technology transitions in developing economies. The institution expects the facility to create high-value jobs, deepen industrial capabilities and strengthen India’s standing in global EV supply chains. The investment also complements national priorities that focus on energy security, transport electrification and local value creation.
Gujarat Fluorochemicals, the parent company, enters this partnership on the back of strong financial performance. In FY25, revenue rose to ₹4,853.20 crore, while EBITDA increased nearly 20 percent to ₹1,214.60 crore. Net profit climbed to ₹546 crore, reflecting a year-on-year jump of more than 25 percent. The company’s consistent growth has helped bolster confidence in its expansion into advanced battery materials.
With the new facility, GFCL EV is gearing up to become a competitive global supplier as demand for LFP batteries accelerates. The IFC investment is expected to speed up the adoption of clean technologies and support India’s emissions-reduction goals. As construction moves forward, the project is set to become a key milestone in India’s broader effort to build a resilient, homegrown EV supply chain.
