Energy storage major GFCL EV Products, part of the diversified INOXGFL Group, is making a major foray into the Middle East. 

 

Through its subsidiary GFCL EV (SFZ) LLC, registered in the Salalah Free Zone, Oman, the company announced plans to set up a state-of-the-art greenfield facility to manufacture advanced battery materials for electric vehicles and energy storage applications.

 

The initial investment for the project is approximately US$ 216 million.

 

To formalize the initiative, GFCL EV signed an Invest Agreement with the Sultanate of Oman through Invest Oman, a body under the Ministry of Commerce, Industry & Investment Promotion. The company also inked a Land Lease Agreement with Salalah Free Zone Company LLC.

 

This move marks a significant step for GFCL EV Products Limited, which operates across fluoropolymers, refrigerants, chemicals, and renewable energy, and boasts a market capitalization of US$ 12 billion.