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Gujarat Fluorochemicals Announced Acquisition Of GFCL EV

20 June 20243 mins read by Angel One
Gujarat Fluorochemicals Limited's subsidiary, GFCL EV Products Limited, established a wholly-owned subsidiary in Oman, GFCL EV (FZC) SPC.
Gujarat Fluorochemicals Announced Acquisition Of GFCL EV
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On June 12, 2024, Gujarat Fluorochemicals Limited informed the exchanges that GFCL EV Products Limited, a wholly-owned subsidiary of Gujarat Fluorochemicals Limited, established its wholly-owned subsidiary in the Sultanate of Oman, named GFCL EV (FZC) SPC on June 11, 2024.

The industry in which the established entity GFCL EV operates is developing a new project to manufacture high-purity metal sulphate and complex metal phosphate.

Details Of The Acquisition

The consideration for the acquisition is in cash. The target entity, GFCL EV (FZC) SPC in the Sultanate of Oman, is set to receive an initial subscription of up to OMR 2,50,000 from GFCL EV Products Limited. As of now, the entity still needs to commence its business operations.

This subscription secures 100% shareholding in GFCL EV (FZC) SPC, ensuring complete control by GFCL EV Products Limited.

Recent Acquisition

In March 2024, Gujarat Fluorochemicals established IGREL Mahidad, a subsidiary for power generation, with an authorised capital of ₹1,00,000. It subscribed to 9,940 equity shares, totalling ₹99,400. IGREL Mahidad focuses on electricity generation using conventional and non-conventional sources. Gujarat Fluorochemicals primarily manufactures pharmaceutical, agrochemical, and plastics industrial chemicals.

Financial Highlights

In the FY 2023-24, Gujarat Fluorochemicals Limited experienced a 69.6% year-on-year decline in net profit for the January-March quarter, reaching ₹101 crore by March 31, 2024. This contrasts with the ₹331.9 crore net profit recorded in the preceding year’s corresponding quarter.

About Gujarat Fluorochemicals Limited

Established in 2018, Gujarat Fluorochemicals Limited, formerly recognised as Inox Fluorochemicals Limited, operates under the umbrella of the INOX Group of Companies. It emerged as a distinct legal entity following its demerger from GFL Ltd. Renowned for its expertise, it is a key player in India’s production of fluoropolymers, fluoro specialities, chemicals, and refrigerants. Internationally, it ranks among the top five global entities in the fluoropolymers market. Its export ventures extend to Europe, the Americas, Japan, and Asia.

On June 12, 2024, Gujarat Fluorochemicals Limited’s share price opened at ₹3,184.05 and touched its highest price at ₹3,368.00 as of 01:38 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

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