GFCL EV - a subsidiary of Gujarat Fluorochemicals (GFL) - has raised Rs 1,000 crore from investors at an equity valuation of around Rs 25,000 crore, the company said on October 23.
Promoters INOXGFL Group led the fund raise along with several marquee investors, including family offices of largest business groups, said GFL. The funds will be used for capacity expansion, and to capitalize on global opportunities in the electric vehicles space, as well as for energy storage systems (ESS).
The management claims GFCL EV is poised to deliver 'exponential growth' and be a preferred supplier of some of the world's biggest automotive OEMs. Devansh Jain, Executive Director, INOXGFL Group said, “We are very excited with the opportunities in the battery materials space and its role as a catalyst driving the EV / ESS growth story."
GFCL EV plans to start commercial sales by the fourth quarter of this year. "This is a multi-decadal opportunity and being the early movers in this space having built capabilities over the last few years, we are confident of a massive growth journey ahead," Bir Kapoor, DMD & CEO, GFL said.
Shares of GFL are higher by 27% in the last one month, as the street was abuzz with the possibility of a fund raise by one of the company's arms.
GFCL EV is a 100% subsidiary of GFL and offers a range of battery material products for the EV and ESS ecosystem.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
