Attero Recycling plans to invest Rs. 300 crore to ramp up its lithium-ion battery recycling capacity over the next nine months. According to a report from ANI, the electronic waste recycling firm aims to boost its recycling capacity to 11,000 metric tonnes per annum by October 2022 from its current capacity of 1,000 metric tonnes per annum. Currently, India generates over 50,000 tonnes of lithium-ion waste every year. Through this enhanced capacity, the company aims to capture 22 per cent of the total potential market size by 2022.
CEO and co-founder Nitin Gupta said that the company is in the process of increasing its e-Waste capacity through the franchise route. As a part of its futuristic roadmap, the company will be setting up plants to recycle e-waste at 14 other locations by the end of this year. He also said that the firm will 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 the end of 2022.
India currently generates over 50,000 tonnes of lithium-ion waste every year.
Attero Recycling caters to both Indian and global manufacturing majors across electronic and automobile segments. It plans to foray into the global markets in early 2022. Moreover, the company is likely to close a deal with EV maker Tesla for the supply of recycled products.
Currently, the company has a 90 per cent market share of automobiles and electronic OEMs. Strengthening the EV ecosystem, Attero has also partnered with MG Motors to recycle Li-ion batteries fitted in the brand's ZS EV units.
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.
