Gujarat Fluorochemicals on Wednesday said its electric vehicle products subsidiary, GFCL EV Products, has raised INR 1,000 crore at an equity valuation of INR 25,000 crore.
It said the promoters of InoxGFL Group, of which Gujarat Fluorochemicals is a part of, led the fundraise round along with several marquee investors, including the family offices of some of the largest business groups in India, the company said.
The funds will be utilised for capex requirements of the company as it scales up to capitalise on the large-scale global opportunities in the EV and energy storage systems (ESS) space.
“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,” said the company.
With its diversified battery materials offerings and strong credentials, GFCL EV aims to capitalise on the opportunities arising on the back of the Inflation Reduction Act (IRA) in the US and the strategic diversification globally of supply chains away from a single origin country.
“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,” said Devansh Jain, executive director of InoxGFL Group.
The global opportunity for the EV battery chain is estimated to reach USD 300 billion by 2030.
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