IFC invests USD 50 mn in INOXGFL Group's battery materials facility

New Delhi, Dec 5 (PTI) INOXGFL Group on Friday said International Finance Corporation (IFC) will invest USD 50 million in a battery materials facility being set up by its group company Gujarat Fluorochemicals Ltd.

Gujarat Fluorochemicals Ltd (GFL) has a set up battery materials facility in Gujarat through its subsidiary company GFCL EV.

"IFC is investing USD 50 million in GFL's subsidiary GFCL EV through the subscription of compulsorily convertible instruments to build India's first integrated battery materials facility," INOXGFL Group said in a statement.

The funds will be utilised to expand GFCL EV's manufacturing capabilities, it said.

Its current product portfolio caters to both electric vehicle and energy storage sectors offering electrolyte salt LiPF6, electrolyte formulations, additives for enhanced performance.

Vivek Jain, Chairman, INOXGFL Group, said, "We welcome IFC as a partner in GFCL EV. This reinforces our vision for a greener future supported by IFC's global expertise and commitment to sustainable development, aiding in accelerating India's energy transition." PTI ABI TRB TRB