GFCL EV plots Rs 6,000 crore investment to localise EV battery supply chain in India
GFCL EV Products (GFCL EV), a wholly-owned subsidiary of Gujarat Fluorochemicals, has announced its plans to invest Rs 6,000 crore (out of which approximately Rs 650 crore is already invested till December 31, 2023) over the next 4- 5 years.
This investment shall enable supply of around 200 GWh of electric vehicle (EV) and energy storage system (ESS) battery solutions per annum. GFCL EV aims to enter high-demand regions of the US, Europe, and India.
Fuelled by the IRA Act, China plus One strategy and Production-Linked Incentive (PLI) scheme respectively, these markets form the cornerstone of GFL’s growth strategy. The company has already initiated long term tie-ups with renowned global customers.
Furthermore, GFCL EV aims for an asset turnover ratio of 2 times the CAPEX and EBITDA margin exceeding 25 percent marking a strong profitability and returns profile over the next few years once the company reaches optimal utilisation levels.
Vivek Jain, Chairman of INOXGFL Group, said, ‘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.’
