NavPrakriti to invest ₹100M in Odisha critical minerals refining facility

Battery recycler NavPrakriti is setting up a greenfield critical minerals refining unit in Odisha with an investment of over INR 1000 million (USD 10.66 million), aiming to bring it onstream by FY29.

Backed by its selection under the National Critical Mineral Mission, the plant will recover cobalt, nickel and lithium from end-of-life batteries. It is planned to handle about 5,000 tonnes a year, targeting high-purity output of critical and rare earth materials to support domestic supply and cut import dependence.

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Started in 2024 by Akhilesh Bagaria and Avnish Bagaria, the company already operates a lithium-ion recycling facility in Serampore, West Bengal, with 12,000 tonnes capacity, expandable to 24,000 tonnes. The Odisha project will be its second greenfield site and a step into dedicated critical mineral extraction.

Alongside, NavPrakriti is building R&D partnerships across India and overseas to improve recovery chemistry and battery refurbishment processes.

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 “This project aims to create over 500 direct and indirect employment, delivering significant socio-economic impact,” said Akhilesh Bagaria, cofounder, NavPrakriti.

The company has tied up with NASH Energy for closed-loop recycling and compliant end-of-life battery management, including production scrap, under Extended Producer Responsibility rules.

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It is also targeting partnerships with more than 150 battery OEMs and producers over the next three years to lift recovery rates, extend battery life through refurbishment and reduce reliance on imported inputs as India’s clean energy push gathers pace.