Noida: GFCL EV Products, a wholly-owned subsidiary of Gujarat Fluorochemicals (GFL), today announced an investment of Rs 6,000 crore spread over the next 4-5 years, to facilitate the production of approximately 200 GWh/annually of Electric Vehicle (EV) and Energy Storage System (ESS) battery solutions. Out of this approximately Rs 650 crore already invested by December 31, 2023.

Looking ahead, GFCL EV is positioning itself in high-demand regions, including the US, Europe, and India. The company in a statement said, capitalizing on the IRA Act, China plus One strategy, and the Production-Linked Incentive (PLI) scheme, these markets are pivotal to GFL’s growth strategy and align with the company’s commitment to sustainable and innovative solutions. GFCL EV has already initiated long-term partnerships with globally recognized customers, demonstrating confidence in its capabilities and offerings.

GFCL EV is aiming for an asset turnover ratio of twice the CAPEX and an EBITDA margin exceeding 25%.

Speaking on the occasion, Vivek Jain, Chairman of INOXGFL Group, said, “GFL’s visionary investment and unwavering commitment to innovation highlight our pivotal role in shaping the future of the EV and ESS battery industry. The significant investment in the EV/ESS battery chemicals supply chain underscores our dedication to driving innovation in the electric mobility sector and Energy Transition. As leaders, our objective extends beyond mere market prominence; we aspire to be pioneers in sculpting a cleaner and environmentally sustainable tomorrow which resonates with our ethos of being a Green Group with expanding businesses in the Renewables sector”.

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