GFCL EV Products Ltd. (GFCL EV), a subsidiary of Gujarat Fluorochemicals Limited (GFL), announced capital raising of USD 80 mn in addition to USD 50 mn secured from the International Finance Corporation (IFC). The funds are intended to drive high-value manufacturing, create jobs, strengthen position in global supply chains and advance energy security and transport electrification. GFL, part of the USD 18 bn INOXGFL Group, said it will increase investment in battery materials to support India’s energy transition. The company indicated the total capital in this round amounts to USD 130 mn.

GFCL EV’s integrated manufacturing facility in India offers battery chemicals including electrolyte salt LiPF6, formulations and additives, as well as cathode active materials such as lithium iron phosphate and binders including PVDF and PTFE. The operation is reported to be backward integrated into key raw materials, enabling control over supply chains and supporting scale up of advanced materials production. Company representatives noted that the product range is aimed at both electric vehicle and energy storage system markets.

Barclays acted as exclusive financial adviser to GFCL EV on the transaction, which follows earlier engagement with development finance institutions. GFL is described as India’s leading producer of fluoropolymers, fluorochemicals and battery materials, with three units in Gujarat and an integrated facility at Dahej. The group also maintains offices and warehouses in Europe, the United States and the Middle East and operates a captive fluorspar mine in Morocco. Executives characterised the funding as a step towards reducing emissions and accelerating adoption of clean technologies.

Company executives indicated the capital will enable scaling of manufacturing capacity for advanced battery materials, strengthen the company’s standing in global value chains and support local value creation. They said the partnership with IFC and the investor is intended to generate long term sustainable value for shareholders while contributing to national priorities on energy security and transport electrification. The firm said it will focus on deploying funds to expand output, enhance sustainability and create employment in related manufacturing segments.