
The Scrap Dealer's Billion-Rupee Bet: How a Mumbai Recycler Is Mining Dead Batteries for EV Gold—and Planning an IPO
On the outskirts of Mumbai, inside a facility that smells faintly of metal and burnt wires, Rajesh Gupta sees treasure where most of India sees garbage. Every morning, trucks unload mountains of discarded laptop batteries, spent electric-vehicle cells, dead mobile phones, and industrial scrap—the detritus of a nation racing to digitize and decarbonize simultaneously. What arrives as waste leaves as cobalt sulfate, lithium carbonate, and nickel powder, metals so valuable that they have become the subject of geopolitical competition between the world's most powerful nations.








