IFC invests $50m in GFL's EV subsidiary for India battery materials facility

Gujarat Fluorochemicals Limited (GFL) announced on December 5, 2025, that the International Finance Corporation (IFC) will invest approximately $50 million in GFCL EV Products Limited, a GFL subsidiary. This investment, made through compulsorily convertible instruments, will support the establishment of India's first integrated battery materials facility.

GFCL EV Products Limited's portfolio includes battery chemicals such as electrolyte salt LiPF6, electrolyte formulations, additives, cathode active materials (LFP) and binders (PVDF and PTFE), catering to both electric vehicle and energy storage sectors. This partnership with IFC is expected to accelerate clean-technology adoption and reinforce India's position in the global battery materials value chain.

The investment is a key step in strengthening India's domestic capacity in battery materials and advancing the "Make in India" initiative. Dr. Bir Kapoor, DMD and CEO of GFL, highlighted that this is IFC's inaugural investment in an Indian battery materials company, enabling GFCL EV to scale up manufacturing capacity and cover over 50% of the LFP battery cell bill of materials.