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IFC Commits $50 Million to Gujarat Fluorochemicals’ Subsidiary for Battery Materials Facility
Home » Trending » IFC Commits $50 Million to Gujarat Fluorochemicals’ Subsidiary for Battery Materials Facility
In a significant development for India’s electric mobility sector, Gujarat Fluorochemicals Limited (GFL) has announced that the International Finance Corporation (IFC), part of the World Bank Group, has committed to an investment of approximately US$ 50 million in its subsidiary, GFCL EV Products Ltd. This investment will be made through compulsorily convertible instruments and is aimed at facilitating the establishment of an integrated battery materials facility in Jolva, Gujarat.
This project is set to enhance domestic manufacturing capabilities, generate employment opportunities, and play a crucial role in India’s energy transition and electric mobility objectives. GFCL EV is actively engaged in the production of battery chemicals, focusing on backward integration into essential raw materials necessary for both electric vehicles and stationary energy storage systems.
IFC commits $50 million to GFL unit for India’s first integrated battery-materials plant
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IFC Invests $50mn in INOXGFL Group's Battery Materials Facility
The International Finance Corporation has invested $50 million in INOXGFL Group’s battery materials facility to support India’s expanding clean-energy manufacturing ecosystem
INOXGFL Group on Friday said International Finance Corporation (IFC) will invest USD 50 million in a battery materials facility being set up by its group company Gujarat Fluorochemicals Ltd.
Gujarat Fluorochemicals Ltd (GFL) has a set up battery materials facility in Gujarat through its subsidiary company GFCL EV.
"IFC is investing USD 50 million in GFL's subsidiary GFCL EV through the subscription of compulsorily convertible instruments to build India's first integrated battery materials facility," INOXGFL Group said in a statement.
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