India Moves Closer to Battery Self-Reliance as IFC Invests in GFCL EV’s Greenfield Facility

In a step toward deepening India’s clean-tech supply chain, GFCL EV secures IFC investment to establish a fully integrated battery materials facility, enabling job creation, innovation, and value addition for the EV ecosystem.

Gujarat Fluorochemicals Limited (GFL), one of India’s leading fluorochemicals producers, has announced a strategic partnership with the International Finance Corporation (IFC), a member of the World Bank Group. The development marks a milestone in India’s clean energy journey, as IFC invests approximately US$50 million in GFL’s subsidiary, GFCL EV Products Limited (“GFCL EV”), through compulsorily convertible instruments.

The investment will support the creation of India’s first fully integrated battery materials facility, aimed at powering both electric vehicle (EV) and energy storage segments. The facility will help strengthen India’s participation in the global battery materials supply chain while supporting national goals of energy security, green mobility, and sustainable manufacturing.
GFCL EV currently offers a wide array of battery-related products including:
• Battery chemicals such as electrolyte salt (LiPF6), custom electrolyte formulations, and advanced additives
• Cathode active materials (LFP)
• Binders including PVDF and PTFE

The company has backward integration into key raw materials, making it one of the few large-scale battery materials manufacturers worldwide with such capabilities.
Speaking about the investment, Mr. Vivek Jain, Chairman of the INOXGFL Group, said, “We are delighted to welcome IFC as a strategic partner in GFCL EV. Their backing reaffirms our vision for a greener future. IFC’s global expertise and commitment to sustainability will help us scale faster, strengthen local value chains, and support India’s green transition.”
Dr. Bir Kapoor, DMD and CEO of Gujarat Fluorochemicals Ltd., added, “This is IFC’s first investment in a battery materials company in India. It will allow us to scale up our manufacturing capabilities and reinforce India’s position as a reliable global partner in clean energy components.”

Mr. Imad N Fakhoury, IFC Regional Division Director for South Asia, noted, “India is rapidly scaling its EV and energy storage sectors. This investment will enable India to build domestic capacity in advanced materials and become a vital part of the global supply chain.”
Carsten Mueller, IFC’s Regional Industry Director for Manufacturing, Agribusiness, and Services in Asia, emphasized the strategic alignment: “Our partnership with GFCL EV will help create a one-stop platform for battery materials manufacturing in India. This is a key move toward energy security, private investment, and innovation.”
Barclays acted as the exclusive financial advisor to GFCL EV on this landmark transaction.

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