History

_x000D_ Gujarat Fluorochemicals was incorporated in 1987 as a refrigerant producer. The following year, it set up a manufacturing plant to produce Chlorofluorocarbon refrigerant gases and Hydrofluoric acids in Gujarat. In 1989, the company commenced its commercial operations and commissioned another plant in Vadodara. It also collaborated with Stauffer Chemicals Pennwalt Corporation and Stearns Catalytic Corporation from the US._x000D_ _x000D_ In 1999, the company diversified into the entertainment industry by opening a chain of multiplexes across India under Inox Leisure Ltd. In 2006, the company began developing a clean development mechanism project involving the thermal oxidation of HFC-23, a by-product of the refrigerant gas production process and received the UNFCCC’s carbon credits. In 2007, the company set up a chemical complex at Dahej, Gujarat, which included a captive power plant, a caustic soda and chlorine plant, a chloromethane plant and a polytetrafluoroethylene plant. In 2009, the company further diversified into the wind energy industry through Inox Wind Ltd._x000D_ _x000D_ In 2011, the company entered into a joint venture for a fluorspar beneficiation project to produce acid-grade and metallurgical-grade fluorspar. The company launched its own brand of fluoroelastomers named Fluonox in 2015. The following year, it launched another brand, Inoflon, for FEP and PFA products. In 2023, the company developed PVDF grades suitable for cathode binder applications. It also developed Green NFPA, ie. a greener surfactant, specifically for certain selected grades of PTFE and PVDF._x000D_

Business Segments

_x000D_ The company operates in the following segments:_x000D_

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1. Fluoropolymers: These include polytetrafluoroethylene (PTFE) chemicals such as Micro Powders, Polyvinylidene Fluoride (PVDF), Fluorinated Ethylene Propylene (FEP), FKM, PPA, etc. This segment brought in 52.1% of the total revenue from operations in FY 2023.
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2. Fluorochemicals: These are speciality chemicals like refrigerant gases which brought in 27% of the revenue from operations in FY 2023.
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3. Bulk Chemicals: These chemicals include Caustic Soda, Chloroform, Methylene Di Chloride, Carbon Tetrachloride (CTC), etc., which brought in 19.3% of the revenue of FY 2023.
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_x000D_ 40.5% of its revenues come from India. 27% is from the USA, and the rest is from Europe and the rest of the world._x000D_

Subsidiaries

_x000D_ The company has 7 subsidiaries as of 31st March, 2023. Some of these include:_x000D_

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1. Gujarat Fluorochemicals Singapore Pte Limited - This company handles the trading and distribution of products in Singapore.
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2. GFCL EV Products Limited - This company manages the downstream handling of EV industry-related products.
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3. Gujarat Fluorochemicals Americas LLC, USA - This subsidiary handles the distribution of products in the USA.
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Key Personnel

_x000D_ Mr Devendra Kumar Jain, Chairman and MD_x000D_ _x000D_ Mr Jian is the founder of the Inox Group of Companies and occupies the position of Chairman and MD for Gujarat Fluorochemicals Ltd., a subsidiary of Inox Leasing & Finance Ltd. He is an Associate member of the World Economic Forum, among other things._x000D_

Corporate Actions

_x000D_ The company has not conducted any corporate actions in recent years._x000D_ _x000D_ Mergers and Acquisitions_x000D_

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• During the Financial Year 2022-23, the Holding Company, through its wholly-owned subsidiary Gujarat Fluorochemicals Singapore Pte. Limited acquired 26% of the shareholding in GFL GM Fluorspar SA, Morocco.
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