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Chemicals major Gujarat Fluorochemicals Limited (GFCL) will foray into the battery business for electric vehicles. The company has set up GFCL EV Products Limited, a wholly-owned subsidiary for the purpose.
In a regulatory filing, GFCL informed that it has incorporated GFCL EV Products Limited with its business "yet to commence."
The company will operate in the areas of providing solutions for entire value chain of all types of batteries, battery components and products for Electric Vehicles etc.
The new entity has an authorised and paid up capital of ₹1,00,000 which is divided into 1,00,000 equity shares ₹1 each.
Also read: Lithium prices likely to rise next year, too
Notably, GFCL has expertise in production of fluorospecialities and refrigerants. It has two manufacturing sites in Gujarat — at Dahej in Bharuch district and Ranjitnagar in Panchmahal — and it has one manufacturing site outside India at Taourirt, Morrocco. Notably, last week on December 16, GFCL had reported three casualties and 10 injuries in a fire incident at one of the Multi-Product Plants at its Ranjitnagar site.
Company shares gained five per cent on BSE to trade at ₹2,287.30 during the trading hours on Wednesday.
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