Attero to invest Rs 300 crore on ramping up battery recycling capacity
Attero Recycling, India's largest electronic waste recycling firm, said on Saturday it plans to invest Rs 300 crore in ramping up its lithium-ion battery recycling capacity to 11,000 metric tonnes per annum by October 2022 from its current capacity of 1,000 metric tonnes per annum.
Attero Recycling, India's largest electronic waste recycling firm, said on Saturday it plans to invest Rs 300 crore in ramping up its lithium-ion battery recycling capacity to 11,000 metric tonnes per annum by October 2022 from its current capacity of 1,000 metric tonnes per annum. According to Nitin Gupta, CEO and Co-founder of Attero Recycling, the company is in the process of increasing its e-Waste capacity through franchise route.
As a part of its futuristic roadmap, Attero Recycling is already in process of setting up plants to recycle e-Waste at 14 other locations by the end of 2022, Gupta said. He said the company is in the process to raise its capacity for recycling e-Waste by 1,56,000 metric tonnes per year through a total of 14 franchisees pan-India to 3 Lakh metric tonnes by end of 2022.
Attero Recycling, which caters to both Indian and global manufacturing majors across electronic and automobile segments, including Samsung, LG, Acer, Whirlpool, Oppo, Vivo, Toyota, plans to foray into the global markets in early 2022. India, at present, generates over 50,000 tonnes of lithium-ion battery waste every year. Through this enhanced capacity, Attero Recycling envisions to capture 22 per cent of the total potential market size by October 2022.
Gupta said Attero Recycling is likely to close a deal with Tesla for the supply of recycled products. The company has so far raised Rs 140 crore capital including Rs 25 crore in debt. Founded in 2008, by Rohan Gupta and Nitin Gupta, Attero is India's only clean tech company that is focused on producing sustainable materials such as cobalt, tin, nickel, copper, silver and gold completing the circular economy value chain.
The company currently has 90 per cent market share of automobiles and electronic OEMs. Strengthening the EV ecosystem, Attero Recycling has also partnered with MG Motors to recycle Li-ion batteries fitted in the brand's ZS EV units. Nitin Gupta said Attero Recycling is eyeing an initial public offering (IPO) in the next two to three years.
He said the company may look for a dual listing, both in India and the US, but primarily they will be listed in the domestic exchanges. (ANI)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)