Gujarat Fluorochemicals Limited has informed the stock exchanges about the incorporation of a step-down subsidiary, GFCL EV New Age Materials SAOC, as a Closed Joint Stock Company in Oman. The disclosure was made under Regulation 30 of the SEBI Listing Regulations following a board meeting on June 3, 2026.
GFCL EV Products Limited, the material subsidiary of Gujarat Fluorochemicals Limited, incorporated the new entity. The board of directors of Gujarat Fluorochemicals Limited approved the incorporation at its meeting held on June 3, 2026.
GFCL EV New Age Materials SAOC will be engaged in the manufacturing and trading of battery chemicals. The entity is newly incorporated, focused on business development, and has yet to commence its operations. The incorporation does not fall under related party transactions, and no government or regulatory approvals were required.
The initial subscription was made for a total cash consideration of OMR 5,00,000. GFCL EV Products Limited subscribed OMR 4,95,000, Gujarat Fluorochemicals Limited subscribed OMR 4,500, and Mr. Nayankumar Bipinchandra Bhatt subscribed OMR 500.
Following the initial subscription, GFCL EV Products Limited holds 99% of the share capital in the new step-down subsidiary. Gujarat Fluorochemicals Limited holds 0.90%, and Mr. Nayankumar Bipinchandra Bhatt holds the remaining 0.10%.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.