InoxGFL bets big on battery chemicals With a $1 billion investment
Wednesday, 15 November 2023, 09:40 IST
The InoxGFL Group has announced its intention to invest almost $1 billion across various segments, including battery chemicals, green hydrogen, and wind energy services. A significant portion of this investment will be directed towards the construction of India's largest battery chemicals factory, which is planned to be built in Gujarat over the next three to four years.
Devansh Jain, executive director, InoxGFL said the factory investment is in the initial phase of discussions. The business is housed under GFCL EV Products Ltd, a subsidiary. “That’s a business that we are very, very bullish on. I think that’s somewhere where we would probably be investing a large part of the nearly billion dollars planned over the next three to four years. That business is going to see exponential growth as we move forward as a group. And as a company, as a group, we will be elucidating our plans on that maybe a month down the line", he said, adding the company has a “large vision" for the battery chemicals business.
InoxGFL will enter battery manufacturing but focus on chemicals, its core competency. “Why are we in battery chemicals? Because a lot of that is backed by fluorine, that’s the group DNA. It’s a very unique position. We’re probably years ahead of anybody else. Batteries are not a core competence. We don’t want to get into the battery. There are enough battery players will be supplied to all the OEMs (original equipment manufacturers) and the battery manufacturers".
InoxGFL has three chemical facilities in India, a fluorspar mine in Morocco, and offices/warehouses in Europe and the US. The company plans to bid for lithium mines to focus on battery chemicals. This aligns with India's goal of net-zero carbon emissions by 2070. Gujarat Fluorochemicals Ltd (GFL) plans to enter new-age businesses such as chemicals and fluoropolymers for EV batteries, solar panels, and hydrogen fuel cells. Inox Wind, the group company that focuses on wind energy solutions, is set to grow due to the high demand for renewable power. The company plans to establish a commercial and industrial vertical to primarily cater to the group's captive power demand.
According to him, the C&I platform will be available for sale to third parties as well. However, for the first two to three years, it will only cater to captive requirements. He believes that the focus on the offshore wind segment is a forward-looking move for the policy. Jain also mentioned that the power generated from offshore wind would be expensive, and it would be difficult to find buyers. In his opinion, the onshore wind segment holds immense potential since it remains largely unexplored.
Devansh Jain, executive director, InoxGFL said the factory investment is in the initial phase of discussions. The business is housed under GFCL EV Products Ltd, a subsidiary. “That’s a business that we are very, very bullish on. I think that’s somewhere where we would probably be investing a large part of the nearly billion dollars planned over the next three to four years. That business is going to see exponential growth as we move forward as a group. And as a company, as a group, we will be elucidating our plans on that maybe a month down the line", he said, adding the company has a “large vision" for the battery chemicals business.
InoxGFL will enter battery manufacturing but focus on chemicals, its core competency. “Why are we in battery chemicals? Because a lot of that is backed by fluorine, that’s the group DNA. It’s a very unique position. We’re probably years ahead of anybody else. Batteries are not a core competence. We don’t want to get into the battery. There are enough battery players will be supplied to all the OEMs (original equipment manufacturers) and the battery manufacturers".
InoxGFL has three chemical facilities in India, a fluorspar mine in Morocco, and offices/warehouses in Europe and the US. The company plans to bid for lithium mines to focus on battery chemicals. This aligns with India's goal of net-zero carbon emissions by 2070. Gujarat Fluorochemicals Ltd (GFL) plans to enter new-age businesses such as chemicals and fluoropolymers for EV batteries, solar panels, and hydrogen fuel cells. Inox Wind, the group company that focuses on wind energy solutions, is set to grow due to the high demand for renewable power. The company plans to establish a commercial and industrial vertical to primarily cater to the group's captive power demand.
According to him, the C&I platform will be available for sale to third parties as well. However, for the first two to three years, it will only cater to captive requirements. He believes that the focus on the offshore wind segment is a forward-looking move for the policy. Jain also mentioned that the power generated from offshore wind would be expensive, and it would be difficult to find buyers. In his opinion, the onshore wind segment holds immense potential since it remains largely unexplored.
