GFCL EV, a subsidiary of Gujarat Fluorochemicals (GFL), secured Rs 1,000 crore in funding at an equity valuation of around Rs 25,000 crore, the company announced on October 23. The funding was led by promoters INOXGFL Group, along with notable investors, including family offices from major business groups.
The raised capital will support capacity expansion and leverage global opportunities in the electric vehicle (EV) and energy storage systems (ESS) sectors. The management anticipates “exponential growth,” positioning GFCL EV as a preferred supplier for leading automotive original equipment manufacturers (OEMs).
We are very excited with the emerging opportunities in the battery material space and its role as a catalyst driving the EV/ESS growth story, said Devansh Jain, Executive Director, INOXGFL Group. Bir Kapoor, DMD & CEO of GFL, supplemented this to say that as commercial sales are set to begin by Q4 this year, it is confident of a massive growth journey ahead.
GFL’s shares jumped 27% in the last one month on speculations of fundraising by the EV arm of the company. GFCL EV, a fully-owned arm of GFL, offers a suite of battery materials for the EV and ESS ecosystems.
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Source: Moneycontrol
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