RecycleKaro to invest Rs 100 crore to set up Nickel plant in Maharashtra

RecycleKaro, a company that recycles lithium-ion batteries, announced intentions to invest Rs 100 crore in the construction of a nickel factory in Maharashtra that will have the ability to generate 1,200 tonnes of the metal each year. The future facility, located in the state's Palghar region, would span 17 acres and include a factory that can make nickel from used lithium-ion batteries and nickel hydroxide, according to a statement from RecycleKaro. By the end of 2023, the factory will start producing, according to the statement. According to the corporation, this project aims to close the value chain of a circular economy and satisfy the rapidly growing demand for lithium-ion batteries in India's rapidly growing electric vehicle industry.

 "RecycleKaro announces its ambitious plans to establish a nickel metal plant, with a substantial investment of Rs 100 crore, in Maharashtra," the company said in a statement. The plant is expected to produce 1,200 tonnes of nickel annually, with 30 percent of the production allocated for use in the current fiscal, the company said. India's demand for nickel, according to the company, stands around 45 kilotonnes per annum, which is entirely met through imports. The plant aims to contribute to India's self-reliance by addressing the low global inventory of nickel and reducing dependence on China's dominance in the sector, the company said.  "Establishing a nickel metal plant marks a significant milestone not only for our organization but for the entire electric vehicle (EV) industry," said Rajesh Gupta, Founder and Director of RecycleKaro.

The demand for EVs is poised to surge amid the quest for a sustainable future, and with it, there is a need for crucial components like nickel metal for lithium-ion batteries, he said. According to RecycleKaro, the lithium-ion battery industry, despite the lack of significant consumers of nickel currently, is expected to witness a remarkable increase in demand for nickel for such batteries up to 10 times by 2030. The surge in electric vehicle adoption is poised to drive a substantial uptick in nickel demand, projected to rise by over 60 percent by 2040, it said and added that by pioneering this nickel production plant, RecycleKaro aims to strengthen India's position within the global lithium-ion value chain. The facility will also create numerous employment opportunities in line with the new unit volumes defined. These opportunities will extend to the main plant, back-office operations, and more, RecycleKaro said.