Mumbai-based e-waste and lithium-ion battery recycling company Recyclekaro has secured eligibility for the incentive program to promote critical mineral recycling, launched by the Ministry of Mines under the National Critical Minerals Mission.

The company plans to invest ₹3 billion (~$32.29 million) to expand its recycling operations, increasing its total processing capacity to around 50,000 metric tons. The expansion is aimed at strengthening domestic capabilities in critical mineral recovery and reducing reliance on imports.

The project has been classified as a brownfield expansion under Beneficiary Category Group A and will focus on recovering critical minerals from multiple waste streams, including spent lithium-ion batteries, electronic circuit e-waste, rare earth magnets, and spent catalytic converters.

Recyclekaro also plans to invest over ₹5 billion (~$53.81 million) in a newly developed research and development facility focused on  the recovery of rare earths and critical minerals over the next five years.

The company currently operates zero-disposal recycling facilities with an e-waste processing capacity of 24,500 metric tons and a lithium-ion battery processing capacity of 10,000 metric tons. It claims recovery efficiency of over 95% with purity levels exceeding 99% for extracted materials.

Last November, the Union Cabinet approved a program to promote the manufacturing of sintered rare earth permanent magnets used in electric vehicles and renewable energy, with a financial outlay of ₹72.8 billion (~$815.73 million). The program envisions allocating the total capacity to five beneficiaries through a global competitive bidding process. Each beneficiary will be allotted up to 1,200 metric tons per annum of capacity.

In the same month, the Cabinet approved the specification or revision of the royalty rates for cesium, graphite, rubidium, and zirconium to promote the auction of blocks containing these minerals, which are used in renewable energy technologies.

In 2023, the government identified 30 critical minerals, including lithium, cobalt, nickel, graphite, and silicon, used in the renewable energy sector.