TT&A advised IFC on its equity investment of up to INR 4.3 billion (approximately US$50 million equivalent) in GFCL EV Products Limited (“GFCL EV”) in the form of compulsorily convertible preference shares.

GFCL EV is a newly established Indian manufacturer specializing in chemicals for Lithium-ion Battery cells used in electric vehicles and stationary battery energy storage systems. It was established as a wholly owned subsidiary of Gujarat Fluorochemicals Limited, an Indian chemical manufacturer with over 30 years of experience in fluorine chemistry.

This deal marks IFC’s first investment in Indian battery-materials space.

TT&A Team: Gautam Saha – Joint Managing Partner; Amrita Patnaik – Partner; Ambika Sahai – Managing Associate, Abhilasha Gupta – Senior Associate and Radhika Sarda & Eshani Agarwal – Associates.