While other players may have announced similar plans, Vardhaan expects to start first with a 60,000-tonne refining capacity, said company sources. The project at Butibori is based on the company’s $500 million mining venture in Zimbabwe. Vardhaan will mine lithium from Zimbabwe, which will go through refining process at Nagpur.
Vardhaan is headed by Sunil Joshi, who is also the promoter of Surjagad Ispat Private Limited — the company coming up with an integrated steel plant in Gadchiroli. Surjagad Ispat will be the second steel project being built in the Naxalite-affected district with investment plans of Rs 10,000 crore.
This recent development makes Nagpur a hub for lithium-ion battery making, as JSW and MSN Holdings also signed MoUs at Davos. The batteries have a major use in electric vehicles, being pushed by Union minister for transport and highways Nitin Gadkari.
Talking to TOI from Davos, one of the company’s directors, Sandeep Shirkhedkar, claimed it will be the country’s first lithium refinery. MIDC has already allocated 500-acre land in additional Butibori estate for the project. The process has begun, and it expects to get environmental clearance by the end of February from the Zimbabwe govt. The land acquisition and registration for the mine has already been completed, he said.
The mine is expected to begin operations by April. At the same time, the company plans to hold a groundbreaking ceremony for the project at additional Butibori estate by the end of April. The manufacturing facility is expected to be ready two years after construction begins. In the meantime, the company plans to sell lithium to other battery manufacturers, he said.
The company has tied up with technology partners from Europe and the US. Moreover, given the capacity of the mine in Zimbabwe, Vardhaan also looks forward to catering to other lithium-ion battery makers, he said.
