UP's Meerut To Get ₹200 Crore Lithium-Ion Battery & Rare Earth Refinery, Project Expected To Create 1,300 Jobs

Lucknow, October 20: The impact of a robust law-and-order system and industry-friendly policies under the Yogi government is visible in every district of the state. In this vein, Meerut-based deep-tech startup Circulogy Cleantech Private Limited has planned to invest around ₹200 crore in the state. The company has signed an MoU with Invest UP to establish a lithium-ion battery and rare earth refinery in Meerut. The project will create direct employment for around 300 people and indirect employment for 1,000.

UP Startup Mission CEO Sumit Mahajan said Yogi government is focusing on encouraging local entrepreneurs, startups, and technology-based industries. In this direction, the UP Startup Mission is working to turn new ideas into commercial projects and give startups opportunities to grow. The proposed project in Meerut is also an important step towards connecting local startups in the state with large-scale industrial investment. It is expected to promote the development of new technology-based industries in western Uttar Pradesh. Circulogy will develop the refinery in phases. Once it reaches full capacity, it is planned to process 10,000 tonnes of material annually.

The refinery will recover critical minerals such as lithium, cobalt and nickel from used lithium-ion batteries. In addition, it will extract rare earth elements such as neodymium, dysprosium and terbium from old permanent magnets used in electronic devices, hard drives and electric vehicle motors. These minerals are used in electric vehicles, renewable energy, electronics and the defence sector. They play a key role in everything from electric vehicle batteries to modern devices and power generation plants. In this context, recovering these minerals from old batteries and equipment can help ensure better resource utilization while strengthening domestic supply chains.

CEO stated that imports meet almost the entire domestic requirement for lithium, cobalt, and nickel. Similarly, dependence on imports remains a major challenge for rare earth magnets. In this context, developing recycling and refining capacities within the country has become essential. Government of India has also taken several steps to promote self-reliance in the critical minerals sector. Under the National Critical Minerals Mission, the government is emphasizing strengthening the entire critical minerals supply chain. This includes an incentive scheme worth ₹1,500 crore to encourage the recycling of critical minerals from e-waste and used batteries. In addition, in November 2025, the Union Cabinet approved a ₹7,280 crore scheme to promote manufacturing rare earth permanent magnets in India. The scheme aims to develop an annual production capacity of 6,000 tonnes. Recycled minerals and rare earth oxides from Circulogy's proposed refinery could support such domestic industrial supply chains.

Meerut-based Circulogy is a DPIIT-recognised deep-tech startup in the circular economy, focusing on recycling and reusing resources. The company has received support from the UP Startup Mission under Uttar Pradesh's startup ecosystem. Under the MoU, the Yogi government will facilitate obtaining the necessary clearances and approvals. It will also support the project in accessing incentive schemes of Central and State governments, in accordance with applicable rules. The proposed project, with an investment of around ₹200 crore, could create new employment opportunities while expanding emerging technology industries in the state. This could also help Meerut develop its identity not only through traditional industrial activities but also in emerging sectors such as critical mineral recycling and refining.

Published on: Tuesday, October 20, 2026, 07:27 PM IST