MUSCAT: Indian specialty chemicals manufacturer GFCL EV Products Limited has announced the incorporation of its wholly-owned Omani subsidiary, GFCL EV (SFZ) LLC, which plans to set up the Sultanate’s first advanced battery materials project for electric vehicle (EV) and energy storage applications. The initial investment in the facility, which will be located in Salalah Free Zone in Dhofar Governorate, is estimated at $216 million.
The announcement regarding the Omani subsidiary’s incorporation came in a regulatory filing by parent company Gujarat Fluorochemicals Limited to Indian bourses over the weekend. Plans for this first-of-its-kind project were first unveiled last September at an event hosted with the support of the Public Authority for Special Economic Zones and Free Zones (OPAZ), Salalah Free Zone, and Invest Oman.
Per the filing, the incorporation involves a total investment of RO 35 million, distributed between GFCL EV Products Limited (99.70%) and group company Gujarat Fluorochemicals Limited (0.30%).
“The newly incorporated subsidiary will operate in the chemical manufacturing sector, specifically focusing on the production of various chemicals. This expansion aligns with the company's broader strategy in the chemical industry and represents a step toward diversifying its geographical presence,” the Indian promoter noted in the filing.
The Salalah venture is envisaged as a state-of-the-art greenfield project specializing in the production of chemicals for lithium-ion battery (Li B) cells used in EVs and stationary battery energy storage systems (BESS).
In India, parent company GFCL EV Products Limited is actively developing the country’s first fully integrated EV battery materials manufacturing facility at Jolva near Bharuch in Gujarat. This plant is designed to produce key components for lithium-ion batteries, including electrolyte salts (e.g., LiPF₆), electrolyte formulations, cathode active materials (LFP), and PVDF/PTFE binders under one roof.
Last December, the International Finance Corporation (IFC) — part of the World Bank Group — committed $50 million to GFCL EV to support the construction and scaling of this integrated facility through compulsorily convertible instruments, signaling strong investor confidence and international backing for the project.
Both facilities support GFCL EV’s ambition to secure multiple nodes in the global battery materials value chain, enabling geographic diversification and proximity to key markets. A presence in Oman positions GFCL EV to leverage regional trade routes and industrial clusters in the Middle East, while the India base anchors domestic production and aligns with initiatives such as clean energy growth and import substitution.
GFCL EV operates under the umbrella of the INOXGFL Group, a diversified Indian conglomerate active in specialty chemicals (including fluoropolymers and fluorochemicals), advanced battery materials, and renewable energy sectors such as wind, solar, and green power generation, with a combined market capitalization of around $12 billion. The group comprises several listed and private entities, including Gujarat Fluorochemicals Limited, Inox Wind, and Inox Green Energy Services.
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