Gujarat Fluorochemicals (GFL) subsidiary GFCL EV has raised ₹1,000 crore at a valuation of ₹25,000 crore. Promoters INOXGFL Group led the fundraising alongside several high-profile investors, including family offices of the largest business groups.

Devansh Jain, Executive Director, InoxGFL Group, said, “GFCL EV is a 100% subsidiary of Gujarat Fluorochemicals, where we are setting up one of the largest integrated battery chemical complexes outside China. We have collected ₹1,000 crore.

Jain highlighted the strong pedigree of the investors, noting that while he could not disclose their names, they come from prominent industries spanning automobiles, FMCG, cement and metals.

INOXGFL Group promoters contributed ₹200 crore towards the fund-raising, with the remaining capital coming from family offices across India. The capital injection resulted in a dilution of approximately 4% of GFCL EV’s equity.

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This financial boost is crucial for GFCL EV’s expansion plans. The company has already invested ₹1,500 crore in equity and has outlined a massive investment plan of nearly ₹6,000 crore over the next two to three years. Jain highlighted that current fundraising, combined with a second round planned later this financial year, will support these investments as well as internal provisions.

The INOXGFL Group has maintained its debt-averse stance, with Jain emphasizing: “We do not like debt in any of our businesses. With this increase, as well as the additional increase, all investments will be financed by own funds and internal provisions. There will be no borrowing in the world. »

Looking ahead, GFCL EV aims to generate revenues in excess of $1.5 billion by FY27.

Additionally, plans are in place to potentially enter the EV business over the next three to four years, positioning the company for long-term growth in the rapidly evolving electric vehicle market.

The company, which has a market capitalization of ₹49,066 crore, has seen its shares rise 66% over the past year.

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