LICO Materials Secures Grant to Boost India's Battery Recycling Future

LICO Materials, a leading battery recycling firm, received a Rs 25 crore grant from India's Mines Ministry to advance lithium-ion battery recycling under the National Critical Mineral Mission. This initiative aims to bolster domestic recycling capacity and reduce import reliance by fostering a sustainable mineral supply chain.

LICO Materials, a key player in battery recycling, announced on Thursday its receipt of a significant Rs 25 crore grant from the Mines Ministry. This funding is part of India's strategic National Critical Mineral Mission aimed at enhancing domestic capabilities in recycling crucial minerals found in lithium-ion batteries.

The initiative, budgeted at Rs 1,500 crore, highlights the government's commitment to reducing reliance on imported minerals by fostering local recycling infrastructure. LICO's selection from 58 companies nationwide underscores its technical prowess and comprehensive execution strategy in battery chemistry and mineral recovery.

CEO Gaurav Dolwani stated the grant signifies the government's endorsement of LICO’s efforts to recycle batteries and extract critical minerals domestically, a move critical to stabilizing India's mineral supply chains amidst increasing global geopolitical tensions.