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Battery refurbishing co. LICO Materials attracts Rs.25-Cr grant for critical mineral recycling

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LICO Materials has attracted a grant of Rs.25-Cr from the Ministry of Mines under the Incentive Scheme for Promotion of Critical Mineral Recycling. This grant is part of the National Critical Mineral Mission, which aims to enhance India's domestic recycling capacity for lithium-ion batteries and industrial scrap to reduce import reliance.Founded by Gaurav Dolwani, LICO Materials focuses on battery recycling and refurbishing. The company intends to use the grant to support its domestic urban mining capabilities and infrastructure.The firm has committed to a total investment of Rs.240-Cr, making it eligible for a 20% capital expenditure subsidy along with a multi-year operational expenditure subsidy linked to future commercial sales through fiscal year 2030-31. LICO currently operates a facility in Karnataka focused on producing battery-grade lithium, nickel, and cobalt from end-of-life batteries.

For FY25, LICO Materials had reported about INR 27 Cr in Operating Income and about INR 16 Cr in Net Loss.