INOXGFL Group, according to executive director Devansh Jain, plans to invest around Rs 20,000 crore in its green energy and chemicals business over the course of 4-5 years starting from FY25, reported Economic Times.
The group operates across two main segments: chemicals and renewables, encompassing fluoropolymers, fluorochemicals, solar, green hydrogen, and wind energy. Jain indicated that of the total planned investment, 60-65% is expected to be directed towards adding renewable energy capacity.
Jain stated, “The group boasts robust internal cash flow. We are also considering raising funds through external debt sources,” highlighting the various funding options available. The company aims to achieve an installed renewable energy capacity of 1.5 GW within 4-5 years, leveraging the group’s expertise in the wind and solar sectors. The power generated is likely to be utilized for captive consumption, commercial and industrial sales, and exchange offerings.
In FY23, the group reported an annual revenue of Rs 6,612 crore, with an EBITDA of approximately Rs 2,000 crore.
The company recently announced a Rs 6,000 crore capex outlay for the next 4-5 years for its battery chemicals business through GFCL EV Products Ltd, a subsidiary of its flagship company Gujarat Fluorochemicals Ltd.
Around half of the total investment in electric vehicle battery solutions and energy storage systems will be allocated by FY26 to enhance the production of electrolyte salts, additives, electrolyte formulations, cathode active materials, and binders for cathodes. The company is establishing an integrated battery chemicals complex at Jolva in Dahej under GFCL EV, aiming to explore global opportunities in battery manufacturing for electric vehicles and energy storage systems.
Other group entities include GFCL Solar and Green Hydrogen Products, Inox Wind Energy, Inox Wind, Inox Green Energy Services, and INOXGFL Renewables (IGREL).
