$216m EV battery materials project advances in Oman

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.