Jain's flagship Gujarat Fluorochemicals (GFL), which makes fluoropolymers used in everything from EVs to semiconductors and 5G networks, is investing $600 million over the next three years in an integrated chemicals complex in the western state of Gujarat
Chemicals tycoon Vivek Jain, chairman of InoxGFL Group, is positioning the company to tap global demand for electric vehicles with new factories for making key chemicals used in EV batteries. The global market for EV batteries is forecast to grow at a 20% annual compounded rate through 2027 and touch $135 billion, according to Pune-based consulting firm Markets and Markets Research.