Latest News | Attero Eyes USD 2 Billion Revenue in 5 Years

New Delhi, Nov 3 (PTI) E-waste recycling company Attero Recycling aims to have revenue worth USD 2 billion (about Rs 16,500 crore) in the next five years by way of expanding business in the lithium-ion battery segment, according to a top official.

Attero Recycling's CEO and Co-Founder Nitin Gupta told PTI that the company is setting up a 15,000 metric tonnes lithium-ion battery recycling plant in Telangana with an investment of Rs 600 crore.

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He said the Telangana plant will enhance the company's total lithium-ion capacity to 19,500 metric tonnes.

"Attero wants to have global footprint of lithium-ion battery recycling of 3,00,000 metric tonnes per annum capacity in the next 5 years because our technology for lithium-ion battery is best in the world.

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"Of this planned capacity, we are setting up 15,000 metric tonnes in Telangana with investment of Rs 600 crore. The groundbreaking will happen next month and the plant will operate with full capacity from December 2023," Gupta said.

The company is recovering more than 98 per cent of battery grade cobalt, lithium carbonate, graphite, nickel (from used batteries) which we are today exporting to top automobile OEMs (Original Equipment Manufacturers) across the world which they are using to manufacture new battery cells. We are recycling all kinds of lithium-ion batteries," Gupta said.

Attero plans to invest Rs 7,500 crore for setting up 3 lakh tonnes lithium-ion battery processing capacity over a period of five years.

"Global expansion will cost Rs 7,500 crore. We will set up 35 per cent capacity in Europe and the US each, 20 per cent in India, 10 per cent in Asia excluding India, which means 60,000 per annum capacity in next 5 years will be set up in India. With this, we will become USD 2 billion revenue company. We are a cash flow positive, profitable company," Gupta said.

The company has made an investment of Rs 600 crore through a mix of internal accrual and debt.

"We have signed global contracts for both sourcing raw material and supplies. We have already signed supply contract for 15,000 tonnes capacity at the Telangana plant," Gupta said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)