LICO Materials secures funds under critical mineral recycling program

Lithium-ion battery recycling and refurbishing firm LICO Materials has secured a Rs 25 crore grant from the Ministry of Mines under the government’s incentive scheme aimed at promoting critical mineral recycling.

The scheme, with a total outlay of Rs 1,500 crore under the National Critical Mineral Mission (NCMM), is designed to build India’s domestic capacity to recover critical minerals from lithium-ion batteries, electronic waste, and industrial scrap. The initiative seeks to reduce reliance on imports while strengthening the country’s clean energy and advanced manufacturing sectors.

LICO Materials termed the grant as a significant milestone in India’s clean energy supply chain. The company, which focuses on creating a fully integrated ecosystem for recovering critical minerals, was selected under the scheme administered by the Jawaharlal Nehru Aluminium Research Development and Design Centre (JNARDDC), the designated project management agency.

Gaurav Dolwani, CEO of LICO Materials, said, “We are not just recycling batteries but are producing battery-grade lithium, nickel and cobalt on Indian soil, from Indian waste batteries, for India’s cell and battery manufacturers. This is critical when global mineral supply chains are fracturing along geopolitical lines.”

LICO is among 58 companies shortlisted nationwide to develop India’s urban mining capabilities. With a planned investment of Rs 240 crore, the company will benefit from a 20% capital expenditure (CapEx) subsidy, along with a multi-year operational expenditure (OpEx) incentive tied to incremental commercial sales through the financial year 2030–31.

The company was chosen from a large pool of applicants, highlighting its technical expertise in battery chemistry and hydrometallurgy, as well as the strength of its execution strategy.

Currently, India depends heavily on imports—largely routed through East Asia—for battery-critical minerals such as lithium, cobalt, and graphite. With global supply chains increasingly affected by geopolitical uncertainties, initiatives like domestic recycling are being seen as essential for ensuring industrial and energy security.

LICO aims to recover valuable materials from used batteries that are presently sourced from countries such as China, contributing to a more self-reliant and resilient supply chain.