Altmin, a Hyderabad-based startup founded in 2023, is establishing the first domestic manufacturing facility for lithium iron phosphate (LFP) cathodes in India. These components account for a significant share of a battery cell’s cost and are currently sourced almost entirely through international imports.
Scaling Production
The company currently operates a 10-megawatt pilot plant at the ARCI campus in Balapur, which produces approximately 100 kilograms of LFP daily.
To scale, Altmin laid the foundation stone in March 2025 for a larger 20-acre giga-factory in Divitipally, Telangana. This project involves a Rs 750 crore investment and is designed with an initial capacity of 8 gigawatt-hours, with the company targeting a launch in the final quarter of 2026.
Supply Chain and Partnerships
Altmin maintains a technical partnership with the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), an autonomous body under the Department of Science and Technology. To secure raw materials, the firm has signed a sourcing agreement with YLB, the state lithium company of Bolivia, and holds a research agreement with the University of Warwick.
Additionally, it has been reported that the company acquired a lithium refinery in Brazil with technology support from the miner Companhia Brasileira de Litio.
In December 2025, the startup announced a joint venture with the government-owned coal miner Singareni Collieries to construct a battery-grade lithium refinery in Telangana, with a reported investment of Rs 2,250 crores.
Altmin has raised approximately $3.61 million in funding to date, with an Indian family office holding a 22% stake in the business. The company aims to reach an annual production capacity of 100,000 tonnes by 2030.
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