GFCL EV Products, a unit of Gujarat Fluorochemicals, has announced plans to invest Rs 6,000 crore in the next four to five years to expand its production capacity of electric vehicle (EV) battery materials. The company aims to enter high-demand markets in America, Europe, and India and has already secured long-term agreements with major global customers. This investment reflects the company’s confidence in its capabilities and offerings.
What Did the Company Say?
The statement issued by GFCL EV Products stated that the subsidiary of Gujarat Fluorochemicals will invest Rs 6,000 crore over the next four to five years. Vivek Jain, Chairman of INOXGFL Group, emphasized the company’s commitment to innovation and its important role in shaping the future of the EV and energy storage system (ESS) battery industry.
GFL’s entry into the EV segment is significant in the domestic market, as the industry is expected to grow at an annual rate of about 30% between 2022 and 2030, with estimated annual sales of one crore units.
CEO’s Perspective
Dr. Bir Kapoor, CEO and DMD of Gujarat Fluorochemicals, highlighted the strong position of GFCL EV in the EV and ESS-driven energy sector. The company aims to provide technological solutions and contribute to building an environmentally conscious future.
GFCL EV’s current product portfolio includes electrolyte salt LiPF6, additives, electrolyte formulations, LFP, cathode binders such as PVDF and PTFE, and a special offering of NaPF6 for sodium ion batteries.
Stock Decline
Gujarat Fluorochemicals’ shares experienced a decline on Wednesday, closing at Rs 3610.90, a decrease of approximately 1%. The stock returns for the year have been negative compared to BSE.
News Summary:
- GFCL EV Products, a unit of Gujarat Fluorochemicals, plans to invest Rs 6,000 crore in expanding its EV battery materials production capacity.
- The company aims to enter high-demand markets in America, Europe, and India and has secured long-term agreements with major global customers.
- GFL’s entry into the EV segment is significant in the domestic market, with the industry expected to grow at a rate of about 30% between 2022 and 2030.
- The CEO of Gujarat Fluorochemicals highlighted the company’s commitment to innovation and building an environmentally conscious future.
- Gujarat Fluorochemicals’ shares experienced a decline, closing at Rs 3610.90, with negative stock returns compared to BSE.
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