GFCL EV Products To Invest Rs 6,000 Crore In Next 4-5 Years To Ramp Up Production
GFCL EV Products, a subsidiary of Gujarat Fluorochemicals, plans to invest Rs 6,000 crore over the next 4-5 years to expand its electric vehicle battery materials production.
Gujarat Fluorochemicals arm GFCL EV Products on Wednesday announced an investment of Rs 6,000 crore for increasing production capacity of electric vehicle battery materials in the next 4-5 years.
The company is poised to enter high-demand regions of the U.S., Europe and India, according to a statement.
The company has already initiated long-term tie-ups with renowned global customers, underscoring the confidence in its capabilities and offerings, the statement said.
"GFCL EV Products (GFCL EV), a 100% subsidiary of Gujarat Fluorochemicals...announced investment of Rs 6,000 crore (out of which approx. Rs 650 crore is already invested till December 31, 2023) over the next 4-5 years," it stated.
"GFL's visionary investment and unwavering commitment to innovation highlight our pivotal role in shaping the future of the EV and ESS (Energy Storage System) battery industry," Vivek Jain, Chairman of INOXGFL Group, said in the statement.
The company's current product portfolio includes electrolyte salts LiPF6, additives, electrolyte formulations, cathode active materials such as LFP and cathode binders such as PVDF and PTFE along with a specialised offerings of NaPF6 for sodium ion batteries.
On the project front, the commercial production has begun at its plant for LiPF6 Project, the company said.
The global opportunity for the EV battery chain is estimated to reach $300 billion by 2030.
In the domestic context, the GFL's foray into the EV segment is pivotal, as the industry is expected to grow at a compounded annual growth rate of around 30% between 2022 and 2030, with annual sales projected to reach 10 million EV vehicles, it stated.
With this, GFCL EV is now entitled for the concessional income tax rate regime, it stated.