Gujarat Fluorochemicals (GFL), a leading manufacturer of chemicals, fluoropolymers, refrigerants, and specialty chemicals, has announced plans to procure power from two wind energy projects. The company’s board has approved the sale of its 57 MW captive power plant to IGREL Mahidad Limited, a wholly owned subsidiary of GFL, for ₹200 crore. This deal is expected to be completed by March 31, 2025, pending customary approvals.
In addition to the sale, GFL has outlined plans to invest in two wind energy ventures: IGREL Mahidad Limited and Flurry Wind Energy Private Limited. The company’s board has approved an equity investment of up to ₹40 crore in IGREL Mahidad Limited. This investment will be made in one or more phases through the subscription of equity shares.
Furthermore, GFL has also greenlit an investment of up to ₹200 crore in Flurry Wind Energy Private Limited, a promoter-owned firm, for a 26% equity stake. This investment will also be carried out in multiple phases.
As part of its long-term energy strategy, GFL intends to enter into Power Purchase Agreements (PPAs) with both companies. The board has approved a PPA with IGREL Mahidad Limited to purchase up to 107 MW of power at a tariff of ₹4 per unit. The final transaction value will depend on the units generated and the commercial operation date. Similarly, GFL will enter into a PPA with Flurry Wind Energy Private Limited to procure up to 350 MW of power at the same tariff of ₹4 per unit.
