IFC’s USD 50 million investment will back India’s first integrated battery-materials plant, expanding domestic manufacturing capacity and supporting the country’s clean-energy goals

Gujarat Fluorochemicals (GFL), one of India’s leading fluorochemicals companies, has received a strategic investment of around USD 50 million from the International Finance Corporation (IFC), part of the World Bank Group. The investment, through compulsorily convertible instruments in GFL’s subsidiary GFCL EV Products Limited, will fund India’s first integrated battery materials facility.

The new facility aims to boost high-value manufacturing, generate jobs, and strengthen India’s role in global battery-materials supply chains. It also supports national priorities such as energy security, electric vehicle adoption, and local value creation.

GFCL EV has fully integrated manufacturing capabilities, including backward integration into key raw materials. It serves both electric vehicle and energy storage sectors, producing electrolyte salts (LiPF6), electrolyte formulations, performance additives, cathode active materials (LFP), and binders (PVDF and PTFE).

Vivek Jain, Chairman of INOXGFL Group, said, “We are pleased to welcome IFC as a partner in GFCL EV. This milestone reinforces our vision for a greener future and speeds up India’s energy transition. IFC’s investment endorses our model and global leadership in battery materials, creating long-term value for shareholders.”

Dr. Bir Kapoor, DMD and CEO of GFL, added, “This is IFC’s first investment in an Indian battery materials company and marks a major step for the country’s battery ecosystem. The capital will help us scale up production of advanced battery materials. GFCL EV already covers more than 50 per cent of the LFP battery cell bill of materials, making it one of the few large-scale integrated manufacturers worldwide.”

IFC officials highlighted the strategic significance of the investment. Imad N Fakhoury, Regional Division Director for South Asia, said, “India can now strengthen domestic capacity in key battery materials, improve supply chain performance, and secure a strong position in global advanced energy markets. This investment also supports the Make in India initiative and first-of-its-kind greenfield battery manufacturing.”

Carsten Mueller, IFC Regional Industry Director for Manufacturing, Agribusiness, and Services for Asia, added, “Our partnership with GFCL EV will create a one-stop platform for battery materials, speed up localisation of India’s battery manufacturing sector, support energy security, attract private investment, and create high-skilled jobs.”