E-waste recycling firm Attero plans to invest ₹100 crore to scale up its rare earth recycling capacity from 300 tonnes to 30,000 tonnes over the next 12 to 24 months, according to CEO and Co-Founder Nitin Gupta.
The move comes at a time when China, the world’s largest producer of rare earths, imposed export restrictions in April. These critical minerals are essential for manufacturing a wide range of technology products, including electronics and automobiles.
Gupta noted that the investment aligns with the rising global and domestic demand for rare earth magnets—a segment where industries in India and worldwide remain heavily reliant on Chinese supply.
“With our existing capability and technology leadership, we are ready to scale our REE recycling capacity from 1 to 100 tonnes per day to reach a total of 30,000 tonnes annually and explore further expansion as demand accelerates. We plan to invest Rs 100 crore towards this expansion,” he said.
The company will concentrate on extracting rare earth minerals such as Neodymium (Nd), Praseodymium (Pr), and Dysprosium (Dy), achieving over 98% efficiency and 99.9% purity. These high-value elements are crucial to core industries like electric vehicles, wind energy, and consumer electronics.
“We are proud to be the only Indian company with proven deep-tech and globally patented processes to refine black mass and recover rare earth elements. The current global environment only reinforces the urgency of building domestic infrastructure,” Gupta said.
Gupta stated that Attero’s expansion directly aligns with the Indian government’s National Critical Mineral Mission (NCMM), which seeks to reduce import dependency and foster self-reliance in critical mineral supply chains.
Attero cited industry estimates stating that the global rare earth elements (REE) market will reach USD 10.9 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.6%. Additionally, the company projected that the REE magnets market will exceed USD 30.3 billion by 2033.
Gupta also highlighted that Attero holds over 46 global patents, including recent approvals in the rare earth domain across India and strategic international markets such as Oman, Qatar, Saudi Arabia, Kuwait, the UAE, Bahrain, China, and Taiwan.
“Attero’s patented technology enables the extraction of REEs from e-waste and end-of-life electronics such as hard disk drives, laptops, neckbands, and earphones; components that contain high concentrations of Nd, Pr, Ce, Gd, and Dy. The process is energy-efficient, cost-effective, and significantly reduces greenhouse gas emissions compared to traditional mining,” Gupta said.
In FY25, Attero reported processing over 1.5 lakh tonnes of e-waste and 15,000 tonnes of lithium-ion batteries annually, with a target of 100% year-on-year growth. As part of its global expansion strategy, the company also plans to extend its operations into Europe and the United States.
Looking ahead, Attero aims to scale up its annual e-waste processing capacity to 4,15,000 tonnes and battery recycling to 50,000 tonnes. Attero designed this growth initiative to expand its global footprint and reinforce India’s leadership in critical mineral and e-waste recycling.
