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It’s strange how biggest move by Indian Govt to build an ATMANIRBHAR battery raw materials supply chain (curbs on BLACK MASS export) has hardly received any attention. I’ve written abt this before, and this deepdive is an attempt to build awareness on what is BLACK MASS, why curbs on its exports are so big, and how it all came about - IN FULL LAYMAN TERMS. .. Basics first. You see, BLACK MASS is the powder recovered from shredded Li-ion batteries - rich in lithium, cobalt, nickel, graphite, other critical metals. - Demand for these is exploding as India builds out cell-manufacturing plants for EVs, energy-storage systems, consumer electronics - Historically, much of our black mass sailed out as low-value scrap to China, which refined it into cathode material & sold finished batteries back to us at a hefty markup By keeping this BLACK MASS onshore, India can reduce import dependence, cut costs for local manufacturers, and accelerate its own circular-economy ambitions. How? .. With exports restricted, recyclers can invest confidently in capacity to reclaim those minerals for domestic supply chains. And capability is no longer a problem, as it used to be. Consider this. India’s biggest e-waste recycler (Noida-based Attero) - I’ve written about it twice in the past - has so far filed 200+ patents globally, been awarded 46 of them, of which the 37 are dedicated to Li-ion recycling alone. And result of all this investment into R&D? It recycles it all: - LFP batteries used in Tata Nexon EV and BYD cars - NMC batteries used in Hyundai’s Kona and Tesla cars - LTO cells used in hybrids from Toyota, Suzuki etc - And also LCO cells used in smartphones/laptops Outcome? Attero grew the topline by 54% in FY24, and more than doubled in FY25 to surpass Rs 1.1k crore, while being profitable! .. But wait. All that only explains what is black mass, how India exported much of it to China, and how restricting the exports helps India. How did the Govt move in this direction in the first place? Credit again goes to industry (including Attero) which approached the Govt towards the final months of 2024, urging the Govt to treat black-mass exports as a strategic concern. Around Nov and Dec ’24, their data-backed presentations started to crystallise the benefits of an export curb. The Govt held more meetings in Jan ’25 and April ’25. And it’s after that when the Govt finally went all in, and did the needful. And who won? INDIA. Driver of the win? Effective industry-Govt coordination. Nice, right?