Attero to Deploy Rs 7,000 Crore in India’s Rare-Earth Corridor Push

As a significant addition to the critical minerals ecosystem and rare-earth ecosystem in India, Attero Recycling has declared that it will invest Rs 7,000 crore in the next 5 years in order to set up refining and processing units as part of the government-proposed rare-earth corridor program.

The relocation is in line with the overall Indian policy of eliminating the reliance on imports and enhancing domestic supply chains of strategic minerals.

The investment will be made in establishing the facilities in the southern states, but Tamil Nadu and Andhra Pradesh are the states that have emerged as important locations. It is projected that the facilities will handle the rare-earth elements and other crucial minerals that include lithium, cobalt, nickel, and graphite, which are necessities in the manufacture of electric vehicles, renewable energy systems, electronics, and defense manufacturing.

Also Read: What the Rare Earth Crisis Means for the EV and Electronics Industry

Nitin Gupta, CEO, Attero Recycling, said, “Over the next five years, we will deploy around Rs 7,000 crore. All of this will be within the corridor that the government has announced.”

Attero already operates in 22 of the 30 critical minerals that have been released by the Centre and is substantially increasing its lithium-ion battery recycling capacity of 17,000 tonnes to 300,000 tonnes. The company will also increase the magnet recycling capacity to 100 tonnes per day in two years, as compared to one tonne per day.

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It is estimated that the rare-earth corridor will cut across mineral endowed states such as Odisha and Kerala, which will help India in processing of the rare-earth and sustainable urban mining and contributes to clean energy transition.