INOXGFL Group’s GFCL EV Set for Additional Fundraise Amid Rs 1,000 Crore Boost

INOXGFL Group is preparing another fundraising round for its electric vehicle battery chemicals subsidiary, GFCL EV, following a recent infusion of Rs 1,000 crore. This latest funding, raised from prominent family offices and investors, values GFCL EV at Rs 25,000 crore. The group aims to capture a 7% market share in the global electric battery chemicals market, underscoring its growth ambitions.

INOXGFL’s Executive Director, Devansh Jain, shared with CNBC-TV18 on October 23 that the promoters had invested Rs 1,500 crore in equity before this Rs 1,000 crore round, which involved family offices from major industries, including automotive, FMCG, and cement sectors. Jain also revealed plans for further capital from large private equity players in the coming months.

To support expansion, INOXGFL has mapped out a Rs 6,000 crore capital expenditure for GFCL EV. As part of its strategy, the group has clarified that future growth will rely on external funding rather than internal resources, positioning GFCL EV for sustained global competitiveness in the electric battery chemicals sector.