The International Finance Corporation (IFC) has invested approximately $50 million in GFCL EV Products Limited, a subsidiary of Gujarat Fluorochemicals Limited (GFL).
The investment, through compulsorily convertible instruments, will support the development of India’s first integrated battery materials facility in Noida. The project will encompass backward-integrated manufacturing for battery chemicals such as lithium hexafluorophosphate, electrolyte formulations, additives, cathode active materials and binders.