INOXGFL Group has announced its intention to raise more funds for its subsidiary, GFCL EV, which specializes in manufacturing critical materials for lithium-ion batteries.
After recently raising Rs 1,000 crore from family offices and investors, the group is now in talks with several large private equity players for additional funding.
Executive Director Devansh Jain stated that the promoters have already invested Rs 1,500 crore in equity prior to this latest funding round.
The company aims to achieve a 7% market share in the global electric battery chemicals sector, supported by a capital expenditure plan of Rs 6,000 crore.
Jain emphasized that future growth will be financed through external funding rather than internal accruals.