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Attero Announces Rs 8,300 Crore Investment To Triple E-Waste Recycling Capacity

Updated: May 20, 2024 05:47:15pm

Attero Announces Rs 8,300 Crore Investment To Triple E-Waste Recycling Capacity

New Delhi, May 20 (KNN) Attero, a leading electronic waste and lithium-ion battery recycling company, has announced ambitious investment plans to significantly increase its recycling capacity over the next five years, according to statements from Nitin Gupta, the company's CEO and Co-Founder.

Gupta revealed that Attero intends to invest approximately Rs 8,300 crore through a combination of debt, equity, and other forms of capital to fund this major expansion, reported PTI.

The investment aims to boost the company's annual electronic waste recycling capacity from the current 144,000 tonnes to 415,000 tonnes, while lithium-ion battery recycling capacity is projected to rise from 15,000 tonnes to 50,000 tonnes per year.

As part of this growth strategy, Attero plans to establish new greenfield recycling facilities, with one already under construction in Poland to serve the European market.

Within India, the company is in the process of finalising a location for an additional greenfield plant in either Andhra Pradesh or Jharkhand.

Gupta cited Attero's rapid year-over-year growth rate of 100 per cent as a key driver behind the need for increased capacity.

The company recorded revenues of Rs 285 crore in fiscal year 2023 and Rs 440 crore in FY24, with projections to surpass Rs 1,000 crore this year.

Attero has set an ambitious target of achieving USD 2 billion (approximately Rs 16,500 crore) in annual revenue by 2027, leveraging the electronic waste industry's overall growth rate of around 30 per cent per annum.

Highlighting Attero's competitive advantages, Gupta claimed that the company's extraction efficiency of 98 per cent significantly exceeds the global average of less than 75 per cent for competitors.

Additionally, Attero's capital expenditure requirement of USD 3,250 per tonne is lower than the industry ranges of USD 5,500 to USD 10,000 per tonne, while the company also boasts the lowest operating expenses worldwide, according to Gupta.

Attero currently holds an estimated 25 per cent market share in India's electronic waste and battery recycling sector, with plans to increase this to 35 per cent by next year.

(KNN Bureau)


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