RecycleKaro, a company that recycles lithium-ion batteries, announced on Thursday that it intends to invest Rs 100 crore in the construction of a nickel plant in Maharashtra that can produce 1,200 tonnes of the metal each year.

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.

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.