"Within the next two years, we aim to raise capital through the public markets," said Nitin Gupta, CEO and Co-founder of Attero Recycling.
09 Oct 2023 | 10253 Views | By Shahkar Abidi
Attero Recycling is looking to invest Rs 1,500 crore in its India business, as it looks to expand operations in the country over a five year period. This will enable the IPO bound rare earth and electronic recycling firm to increase its total capacity from 3,400 metric tonnes currently, to ...
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Attero Recycling is looking to invest Rs 1,500 crore in its India business, as it looks to expand operations in the country over a five year period. This will enable the IPO bound rare earth and electronic recycling firm to increase its total capacity from 3,400 metric tonnes currently, to 60,000 metric tonnes in the same timeframe.
In an interaction with Autocar Professional, Nitin Gupta, CEO and Co-founder of Attero Recyling spoke about the company’s growth plans in the near term, stating, “Our current capacity is roughly around 3,400 metric tonnes, and we are in the process of setting up an additional 15,000 metric tonnes in India, in the near term."
Attero Recycling, which is expected to go public in two years, recently inked an Memorandum of Understanding (MoU) with the Telangana Government to establish a dedicated hub for Li-ion battery recycling, further strengthening its position in the Indian market. The company has committed to investing a substantial amount of Rs 600 crore in this facility, which will span 50 acres. Gupta revealed that the location of the planned facility is being shifted, and phase one, with a capacity of approximately 5,000 metric tonnes per year, is expected to be ready within the next 12 months.
Simultaneously, Attero Recycling is also eyeing expansion in Uttarakhand, where the company plans to commission a capacity of approximately 10,000 metric tonnes per annum in the first phase, which is projected to be operational in the next seven months.
Discussing the upcoming IPO, Gupta expressed confidence in the company's financial position, stating, "We are a cash-flow positive company, experiencing a consistent year-on-year growth rate of 100%. As for the IPO, our plan remains on track, and within the next two years, we aim to raise capital through the public markets. We are actively engaged in various activities to achieve this timeline."
Founded in 2008 by Rohan Gupta and Nitin Gupta, Attero Recycling has garnered substantial support from institutional backers, including Draper Fisher Jurvetson, Granite Hill India Opportunity Ventures, Kalaari Capital, and the International Finance Corporation. The company has successfully raised a total of US $30 million in funding across four rounds, with the International Finance Corporation, the private investment arm of the World Bank, among its notable investors.