Lithium-ion battery recycling firm RecycleKaro on Thursday said it plans to invest Rs 100 crore for setting up a nickel plant in Maharashtra with a capacity to produce 1,200 tonnes of the metal annually.

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Spread across 17 acres of land, the upcoming facility at Palghar district of the state will incorporate a plant capable of producing nickel from scrapped lithium-ion batteries and nickel hydroxide, RecycleKaro said in a statement.

The plant will commence production by the end of 2023, it said.

This venture is aimed at completing the value chain of a circular economy and meeting the surging demand for lithium-ion batteries in India's fast expanding electric vehicle market, the company said.

"RecycleKaro announces its ambitious plans to establish a nickel metal plant, with a substantial investment of Rs 100 crore, in Maharashtra," the company said in a statement.

The plant is expected to produce 1,200 tonnes of nickel annually, with 30 per cent of the production allocated for use in the current fiscal, the company said.

India's demand for nickel, according to the company, stands around 45 kilo tonnes per annum, which is entirely met through imports.

The plant aims to contribute to India's self-reliance by addressing the low global inventory of nickel and reducing dependence on China's dominance in the sector, the company said.

"Establishing a nickel metal plant marks a significant milestone not only for our organisation but for the entire electric vehicle (EV) industry," said Rajesh Gupta, Founder and Director of RecycleKaro.

The demand for EVs is poised to surge amid the quest for a sustainable future, and with it, there is a need for crucial components like nickel metal for lithium-ion batteries, he said.

According to RecycleKaro, the lithium-ion battery industry, despite the lack of significant consumer of nickel currently, is expected to witness a remarkable increase in demand for nickel for such batteries up to 10 times by 2030.

The surge in electric vehicle adoption is poised to drive a substantial uptick in nickel demand, projected to rise by over 60 per cent by 2040, it said and added that by pioneering this nickel production plant, RecycleKaro aims to strengthen India's position within the global lithium-ion value chain.

The facility will also create numerous employment opportunities, in line with the new unit volumes defined. These opportunities will extend to the main plant, back-office operations, and more, RecycleKaro said.