International Finance Corporation has invested ~$50 million in GFCL EV Products Limited, a subsidiary of Gujarat Fluorochemicals Limited.

Khaitan & Co advised Gujarat Fluorochemicals and its subsidiary, GFCL EV Products on this transaction.

The transaction team consisted of Haigreve Khaitan (Senior Partner), Shantanu Gupta (Partner), Gautam Suseel (Partner), Ifrazunnisa Khan (Consultant), Nikhil Shahi (Senior Associate), Poojita Saxena (Associate) and Chaitanya Kishore (Associate).

TT&A advised IFC on this investment.

The transaction team consisted of Gautam Saha (Managing Partner), Amrita Patnaik (Partner), Ambika Sahai (Managing Associate), Abhilasha Gupta (Senior Associate), Associates Radhika Sarda and Eshani Agarwal.

GFCL EV is a newly established Indian manufacturer specializing in chemicals for Lithium-ion Battery cells used in electric vehicles and stationary battery energy storage systems. It was established as a wholly owned subsidiary of Gujarat Fluorochemicals Limited, an Indian chemical manufacturer with over 30 years of experience in fluorine chemistry.

This marks IFC’s first investment in India’s battery-materials sector and supports the development of India’s first integrated battery materials manufacturing facility by GFCL EV. The transaction is aimed at strengthening domestic manufacturing capabilities for advanced battery materials, and enhancing India’s position in the global battery-materials supply chain.

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