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IFC Invests $50 Million in GFCL EV to Build India’s First Integrated Battery-Materials Plant
International Finance Corporation (IFC) invests US$ 50 million in GFCL EV Products Ltd (subsidiary of Gujarat Fluorochemicals Ltd, or GFL) to fund India’s first fully integrated battery-materials manufacturing plant in Gujarat.
- The funding will help build a new facility at Jolva (near Bharuch) to manufacture key EV battery components: electrolyte salts (LiPF₆), cathode materials (LFP), electrolyte formulations, and fluoropolymer binders (PVDF/PTFE).
- The plant aims to reduce India’s dependency on imports for battery materials and support the country’s growing EV and energy-storage market.
- This investment by IFC is being routed via compulsorily convertible instruments. The deal was advised by Barclays.
- GFL says the investment validates its integrated-manufacturing strategy and boosts its scale-up plans in the clean-energy/battery-materials segment.
IFC (International Finance Corporation)
IFC is a member of the World Bank Group that provides funding and expertise to private companies in developing countries. It invests in projects that boost economic growth, create jobs, and promote sustainability.
GFCL EV Products Ltd
GFCL EV is a subsidiary of Gujarat Fluorochemicals Ltd (GFL) focused on EV battery materials. It develops and manufactures advanced materials like cathode binders, PVDF, and other specialty chemicals used in lithium-ion batteries. The company is setting up India’s first integrated battery-materials plant in Gujarat.
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