Mumbai: Hyderabad-based Altmin Private Limited, a company involved in the manufacturing of cathode active material for Lithium-Ion batteries in India, has announced an overall investment outlay of USD 100 million over the next five years. "The company successfully secured growth capital from a prominent Indian family office, renowned as a leading manufacturer of Iron Phosphate and other precursors in India, accruing 22 percent stake in Altmin," said an official statement on Wednesday.
"This transaction represents a significant milestone in the electric vehicle value chain in India and underscores Altmin's strategic positioning in the market. Utilising the growth capital, first a 3 GWh plant is slated to commence by 2025," said the statement.
Upwisery, a boutique investment banking firm, played a pivotal role as the exclusive sell-side advisor to Altmin in this financial venture, while DSK Legal provided advisory services to the family office investor involved.
"Altmin with aspirations to become the largest manufacturer of Lithium Ferrophosphate (LFP), a cathode material required for EV battery production, aims to establish itself as a Tier 1 supplier to global cell manufacturers, leveraging a low-cost manufacturing ecosystem in India. The company envisions creating a robust supply chain to support India's transition to clean energy," said Anjani Sri Mourya Sunkavalli, Founder of Altmin.
Sunkavalli further added, "With our commitment to creating a sustainable circular economy, we have already secured interest from multiple battery players across the globe to supply our materials, and test trials of the material produced at the pilot stage are already going on with multiple clients. With this initial funding round from our strategic investor, we have secured the complete supply chain for our raw materials and will enable the company to transition from pilot-scale operations to full-scale commercial manufacturing."
Distinguishing itself in the industry, Altmin has secured a sourcing tie-up with Bolivian state company YLB, ensuring a consistent and secure supply of battery-grade lithium carbonate. Additionally, the company has forged a strategic collaboration with the Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), an autonomous R&D Centre under the Department of Science and Technology (DST), as its technology partner. Altmin has established a state-of-the-art pilot plant dedicated to LFP production in Hyderabad.
