Gujarat Fluorochemicals (GFL) has announced that its subsidiary GFCL EV Products has raised approximately $80 million from an unnamed global investor, in addition to the $50 million previously secured from the International Finance Corporation (IFC).

The total capital raised now stands at $130 million and will be deployed to scale manufacturing capacity for advanced battery materials, strengthen global supply chain integration, and support India’s energy transition objectives, including transport electrification and energy security.

Vivek Jain, Chairman at INOXGFL Group, said the partnerships with the marquee investor will create long-term sustainable value for existing shareholders.

GFCL EV operates as a fully integrated battery materials company with backward integration into key raw materials. Its product portfolio includes the electric vehicle (EV) and energy storage system segments, as well as electrolyte salt LiPF6, electrolyte formulations, performance-enhancing additives, cathode active materials such as lithium iron phosphate, and binders including PVDF and PTFE.

GFL is part of the ~$18 billion (~₹1.62 trillion) INOXGFL Group, which is primarily focused on two business verticals, chemicals and renewable energy.

The company’s wind energy arm, Inox Wind, provides turnkey solutions including turbine manufacturing, EPC services, and operations and maintenance. Inox Green manages approximately 13 GW of renewable assets, while its EPC and infrastructure platforms provide end-to-end project execution capabilities.

The group is also expanding renewable power generation through Inox Neo, targeting 10 GW of hybrid capacity comprising wind, solar, and battery storage within two to three years. Its solar manufacturing business aims to build 7.5 GW of integrated cell-and-module capacity, further strengthening its presence across the clean energy value chain.

Recently, INOXGFL Group has won 600 MW of independent power producer and 4.5 GW of operations and maintenance businesses of wind energy developer Wind World India.

Last September, Inox Solar, a subsidiary of INOXGFL, partially commissioned 1.2 GW of its 3 GW solar module manufacturing plant in Bavla, Ahmedabad, Gujarat.