GFL Partners with IFC and Secures $50M for Battery Materials

Gujarat Fluorochemicals (GFL) on Friday announced a strategic partnership with the International Finance Corporation (IFC), which is investing approximately $50 million in its subsidiary, GFCL EV Products (GFCL EV), through the subscription of compulsorily convertible instruments. The investment will support the development of India’s first integrated battery materials facility.

This initiative is expected to drive high-value manufacturing, generate employment opportunities, strengthen India’s position in global supply chains, and advance national priorities, including energy security, transport electrification, and domestic value creation.

With a diversified portfolio of battery materials and robust credentials, GFCL EV aims to reinforce India’s emergence as a competitive player in the global battery-materials value chain. Focused on innovation and sustainability, the company will accelerate the adoption of clean technologies, reduce emissions, and contribute to India’s goal of becoming a global hub for advanced battery materials.

GFCL EV boasts fully integrated manufacturing capabilities for battery chemicals, with backward integration into essential raw materials. Its current product offerings, catering to both the electric vehicle and energy storage sectors, include battery chemicals such as electrolyte salt LiPF₆, electrolyte formulations, and additives to enhance performance.

Vivek Jain, Chairman of INOXGFL Group, stated, “IFC has a history of investing in sustainable businesses demonstrating long-term value creation. Their investment in GFCL EV is an endorsement of our differentiated model and growth trajectory. This partnership underlines our global leadership in battery materials and shall create long-term sustainable value for existing shareholders.”

Bir Kapoor, CEO of Gujarat Fluorochemicals, highlighted that this is IFC’s first investment in a battery materials company in India, marking a significant milestone for the country’s battery materials ecosystem.

He added, “This capital raise enables us to scale up our manufacturing capacity for advanced battery materials, strengthening India’s position in the global supply chain. GFCL EV stands among the few large-scale integrated battery materials manufacturers worldwide, with a portfolio that covers more than 50 percent of the LFP battery cell bill of materials.”

Imad N. Fakhoury, IFC’s Regional Division Director for South Asia, said, “We are happy to partner with GFCL EV on this milestone initiative to advance value‑added manufacturing in India. As the country scales its electric vehicle and energy-storage sectors, India has a clear opportunity to strengthen domestic capacity in key battery materials, set new benchmarks for high-performance supply chains, and secure its place in the global market for advanced energy technologies.”

This investment is part of IFC’s broader programmatic efforts to strengthen India’s e‑mobility value chain. Enabled by a One WBG approach, it seeks to build the market, localize global value chains, and advance the Make in India initiative. The project will support first-of-its-kind greenfield battery manufacturing and develop the capabilities India needs to play a larger role in producing high-value components worldwide.

Barclays acted as the exclusive financial advisor to GFCL EV on this transaction.

Carsten Mueller, IFC’s Regional Industry Director for Manufacturing, Agribusiness, and Services for Asia, commented, “IFC’s partnership with GFCL EV will help build an integrated one-stop platform for battery materials—bringing key stages of the value chain under one roof and supporting faster localization of India’s battery manufacturing sector. By establishing new and advanced domestic capacity, we aim to strengthen India’s energy security, boost innovation, mobilize additional private investment, integrate India more deeply into global growth markets in e-mobility, and create high-skilled jobs.”