IFC’s $50 Million Bet on Gujarat Fluorochemicals to Build India’s First Integrated Battery Materials Plant
New Delhi / Gujarat, December 7, 2025 — The International Finance Corporation (IFC), the private-sector arm of the World Bank Group, has committed around US$50 million to GFCL EV Products Ltd, a subsidiary of Gujarat Fluorochemicals Ltd (GFL) of the INOXGFL Group, to build India’s first fully integrated battery materials manufacturing facility at Jolva, near Bharuch in Gujarat.ETAuto.com+1 The greenfield project is designed to localise a large share of the lithium‑ion battery value chain within India, strengthen domestic supply chains for electric vehicles (EVs) and energy storage systems (ESS), and cut reliance on imported battery materials that currently come largely