India-based specialty chemicals manufacturer GFCL EV Products Limited has incorporated a wholly owned subsidiary in Oman to establish the Sultanate’s first advanced battery materials facility for electric vehicles (EVs) and energy storage systems.
The new entity, GFCL EV (SFZ) LLC, will develop a greenfield project in the Salalah Free Zone with an estimated initial investment of $216 million.
The incorporation was disclosed in a regulatory filing by parent company Gujarat Fluorochemicals Limited to Indian stock exchanges. The shareholding structure includes an investment of RO 35 million, with GFCL EV Products holding 99.70 per cent and Gujarat Fluorochemicals Limited holding 0.30 per cent.
The Omani subsidiary will operate in the chemical manufacturing sector, focusing on the production of specialized materials for lithium-ion battery cells used in EVs and battery energy storage systems (BESS). The expansion forms part of the company’s strategy to diversify geographically while strengthening its position in the global battery materials industry.
Plans for the Salalah project were unveiled last September during an event supported by Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ), Salalah Free Zone authorities, and Invest Oman.
The Oman venture complements GFCL EV’s integrated battery materials project under development at Jolva near Bharuch in Gujarat, India. The Indian facility is designed to manufacture key lithium-ion battery components, including electrolyte salts such as LiPF₆, electrolyte formulations, cathode active materials (LFP), and PVDF/PTFE binders under one roof.
In December, the International Finance Corporation, part of the World Bank Group, committed $50 million through compulsorily convertible instruments to support the construction and scaling of the integrated Indian facility.
Both the Oman and India projects advance GFCL EV’s ambition to secure multiple nodes across the global battery materials value chain. A presence in Oman provides access to regional trade routes and industrial ecosystems in the Middle East, while the India base supports domestic clean energy growth and import substitution efforts.
GFCL EV operates under the INOXGFL Group, a diversified Indian conglomerate active in specialty chemicals, advanced battery materials, and renewable energy sectors including wind and solar power generation. The group includes Gujarat Fluorochemicals Limited, Inox Wind, and Inox Green Energy Services, with a combined market capitalization of approximately $12 billion.
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