The Indian Lithium Refining Build-Out Through FY2026-27 and Why Underwriting Is Difficult
India's strategic positioning on critical minerals, anchored by the National Critical Mineral Mission announced in the Union Budget 2024-25 and approved by the Union Cabinet on 29 January 2025 with a government outlay of INR 16,300 crore over seven years (alongside an expected INR 18,000 crore of PSU investment, for a total commitment of INR 34,300 crore), has accelerated lithium refining capacity development through 2025 and into FY2026-27. The lithium domestic refining capacity, virtually nil at the start of 2024, is moving toward a planned base of 30,000 to 60,000 tonnes per annum of battery-grade lithium hydroxide and lithium carbonate output by 2027-28 across announced facilities of public and private sector developers. The build-out includes downstream linkages to cell manufacturing under the Production-Linked Incentive (PLI) scheme for Advanced Chemistry Cell battery storage.
The announced and operational lithium refining projects span Vedanta's plans through its critical minerals division, Hindustan Copper's downstream refining initiatives, Coal India's diversification into critical minerals, the Mineral Exploration and Consultancy Limited (MECL) supported initiatives, JSW Group's announced project portfolio, Adani New Industries' integrated battery materials plans, Reliance Industries' Jamnagar diversification including battery materials, and the Khanij Bidesh India Limited (KABIL) joint venture vehicles for offshore mineral sourcing. The downstream user base includes Ola Electric, Tata Group's Agratas Energy Storage, Reliance New Energy Storage, Exide Industries, Amara Raja Batteries and the cell manufacturers under PLI. The integrated economic case depends on the refining capacity build, the cell manufacturing scale-up and the downstream electric vehicle and stationary storage demand.
The lithium refining technology choice for Indian facilities centres on the hydrometallurgical route, with the specific choice between sulphate and hydroxide routes depending on feedstock chemistry and target product. The sulphate route, applied to spodumene concentrate from hard rock sources, involves high-temperature roasting (typically 1050 degrees Celsius for spodumene phase transition), sulphuric acid leaching, impurity removal, solvent extraction and crystallisation to produce battery-grade lithium sulphate or further conversion to lithium hydroxide. The hydroxide route directly produces lithium hydroxide monohydrate through similar steps with chemistry adjustments. The brine-based route, used in some global facilities but limited application in India absent significant lithium brine resources, involves evaporation, purification and crystallisation.
For commercial property insurers, lithium refining represents a novel risk class with significant operational complexity. The risk draws on three insurance precedent categories: chemical process plant underwriting (with the hydrometallurgical chemistry, high-temperature processing and corrosive material handling); refining and petrochemical underwriting (with the layered process train, the solvent extraction circuits and the large process inventory); and battery materials underwriting (with the battery-grade output specifications, the cell manufacturing integration and the lithium fire load specifics). No single precedent category fully describes the lithium refining risk, and insurers underwriting these facilities through 2026 are building their underwriting positions through engineering review, reinsurer collaboration and reference to global lithium refining loss experience.
The Indian regulatory framework for lithium refining is consolidating across multiple authorities. The Ministry of Mines administers the critical minerals exploration and extraction framework. The Ministry of Heavy Industries administers the PLI scheme that drives downstream demand. The Petroleum and Explosives Safety Organisation (PESO) regulates high-pressure vessels and certain solvent storage. The Ministry of Environment, Forest and Climate Change (MoEFCC) regulates environmental impact assessment and waste management. State pollution control boards regulate emissions and effluent. The Factories Act and state factory rules govern occupational safety. The Bureau of Indian Standards (BIS) is developing IS codes for lithium battery materials and related infrastructure. The IRDAI is monitoring the underwriting of these novel risks but has not issued sector-specific guidance.
The property underwriting challenge centres on three exposure categories that distinguish lithium refining from adjacent process industries. First, the organic solvent inventory in the solvent extraction circuits, which is significantly larger than in many chemical processes and creates substantial fire load. Second, the high-temperature roasting and calcining operations, which involve furnace and kiln operations with associated thermal and refractory exposures. Third, the battery-grade output handling, which involves lithium hydroxide and lithium carbonate in forms that are non-flammable but that interact with downstream cell manufacturing exposures including thermal runaway risk. Each exposure category requires specific underwriting attention, specific engineering safeguards and specific property programme design.
Solvent Extraction Circuits and the Organic Solvent Fire Load
The solvent extraction (SX) circuit is the technical heart of hydrometallurgical lithium refining and a primary property exposure point. The SX process uses organic solvents to selectively extract lithium and other metal ions from aqueous leach solutions, with multiple stages of extraction, scrubbing and stripping. The organic solvent inventory in a 30,000 tonne per annum lithium refinery can be 500 to 2,000 cubic metres distributed across mixer-settler trains, storage tanks and process piping. The solvents are flammable, with flash points typically in the 60 to 100 degrees Celsius range and significant vapour pressure at elevated process temperatures.
The specific organic solvents used in lithium SX include aliphatic hydrocarbons (kerosene-type diluents such as Shellsol, Exxsol or Indian equivalents from refining suppliers), aromatic-containing solvents in some configurations, and the active extractants which are typically phosphorus-based compounds (DEHPA, Cyanex, LIX series) or beta-diketones. The diluent typically constitutes 90 to 95 percent of the solvent volume, with the active extractant making up the balance. The fire load from the organic solvent inventory is substantial, equivalent to a moderate hydrocarbon storage installation but distributed across processing equipment rather than concentrated in storage tanks.
The fire scenarios at SX circuits include: mixer-settler fire involving a single train caused by mechanical failure, electrical fault or process upset; storage tank fire from atmospheric tank involvement; pipeline fire from rupture or fitting failure with subsequent ignition; and pool fire from spilled solvent ignition. Each scenario has distinct consequence profile and distinct mitigation requirements. The maximum credible fire scenario at an integrated SX circuit can produce property damage in the INR 200 to 1,000 crore range with extended business interruption depending on the specific configuration and the available isolation between trains.
The mitigation strategy for SX circuit fire risk includes layered controls. Process safety controls include automatic fire detection (combining flame detection, smoke detection and gas detection appropriate to the materials), automatic fire suppression (typically foam-based water deluge for the mixer-settler areas and storage tanks), automatic isolation valves and emergency shutdown systems, and physical separation between trains and between process areas and adjacent infrastructure. Building and structural controls include explosion-vented construction in some configurations, fire-resistant construction for control rooms and motor control centres, bund containment for storage tanks with adequate capacity for storage volume plus firewater allowance, and process safety distance to adjacent receptors.
Inerting and atmosphere control
Some lithium refinery configurations use nitrogen blanketing or other inerting in the SX circuits to reduce vapour space ignition probability. The inerting effectiveness depends on the inerting design, the operational discipline and the integration with safety instrumented systems. Inerting reduces but does not eliminate fire risk, and the underwriter evaluation considers inerting as a mitigation rather than a substitute for fire detection and suppression.
Static electricity controls
Organic solvent handling carries static electricity ignition risk through fluid flow charging in piping and tanks. The control measures include bonding and grounding of process equipment, conductivity additives in the solvents where appropriate, flow velocity limits to reduce charge generation, and operational procedures for tank filling, sampling and equipment movement. The control adequacy is reviewed at insurance placement, particularly for the storage tank configurations and the higher-velocity pipeline sections.
Hot work and operational fire ignition controls
Hot work procedures (welding, cutting, grinding in the process areas) are a recurring fire ignition source at refineries and chemical plants. The lithium refinery hot work procedures should follow industry standard hot work permit systems with fire watch requirements, atmospheric testing, fire suppression standby and operational restrictions during maintenance activities. The underwriter typically reviews the hot work procedure documentation and may include policy conditions specifying minimum hot work controls.
Loss experience reference
Global lithium refinery loss experience through 2023-25 includes several material SX fire events at facilities in Australia, Chile and China. The events typically involved single-train fire scenarios with property damage in the USD 30 to 100 million range and business interruption of 6 to 18 months. The events have informed insurer and reinsurer underwriting positioning, with specific learning on mixer-settler isolation, inter-train separation distances and emergency response procedure adequacy. Indian insurers and reinsurers writing Indian lithium refinery risks reference this global experience in their underwriting decisions.
High-Temperature Operations: Roasting, Calcining and the Thermal Exposure
Hydrometallurgical lithium refining includes several high-temperature operations that contribute to the property exposure profile. The most significant is the spodumene roasting (calcination) step, which converts alpha-spodumene to beta-spodumene through high-temperature heating to approximately 1050 degrees Celsius. This phase transition is required to make the lithium accessible to subsequent sulphuric acid leaching, and the roasting is typically conducted in rotary kilns or in fluidised bed roasters depending on facility configuration.
The high-temperature operations introduce property exposures distinct from the SX circuit exposures. Furnace and kiln property exposure includes refractory failure, thermal stress on structural components, fuel system fires (where the kilns are fired with natural gas, fuel oil or coal), and adjacent infrastructure damage from radiative or convective heat. The kiln equipment itself represents significant property value (a rotary kiln for spodumene roasting can be INR 80 to 200 crore in installed cost), and replacement lead times are long given the specialised manufacturing.
The drying operations downstream of the leach and impurity removal steps operate at lower temperatures but with significant equipment scale. The crystalliser operations, the calcination of intermediates and the final product drying and packaging all involve thermal processing with associated property exposure. The combined thermal operations at a 30,000 tonne per annum lithium refinery typically include the spodumene roaster, multiple downstream calciners and dryers, and supporting steam and thermal oil systems. The integrated thermal property value can be INR 400 to 1,000 crore depending on facility scale and configuration.
The property exposures at high-temperature operations include: furnace explosion from fuel system failure or operational upset; refractory failure with secondary structural damage; cooling system failure with thermal damage to equipment; fuel system fire affecting fuel storage or piping; and rotating equipment failure (kiln drive systems, dryer drives) with consequential damage.
Refractory management programmes
The refractory linings of kilns and furnaces are wear items that degrade through normal operation and that require periodic inspection, repair and replacement. The refractory management programme should include baseline thickness measurements, periodic monitoring through thermal imaging and visual inspection during planned shutdowns, structured replacement scheduling based on wear rates, and contingency planning for unplanned refractory failure. The underwriter evaluation typically reviews the refractory management programme as part of the operational integrity assessment.
Where refractory failure occurs unexpectedly, the consequent damage can extend beyond the refractory to the shell, the support structure and the adjacent infrastructure. The repair cost and downtime depend on the failure extent and the access for repair work. The business interruption from refractory failure can be substantial because the kiln typically cannot operate during repair, and the entire downstream process train is affected.
Fuel system integration
The fuel supply for the high-temperature operations introduces additional property exposure. Natural gas-fired kilns depend on the gas supply, the pressure regulation, the burner system and the safety instrumented controls. Fuel oil-fired kilns introduce hydrocarbon storage, pumping and heating exposures. Coal-fired or coal-co-firing kilns introduce solid fuel handling exposures including dust explosion risk and coal pile self-heating risk. Each fuel system has specific integrity management requirements and specific property programme considerations.
Boiler and steam system exposure
The lithium refinery typically includes boiler-generated steam for various process duties (impurity removal, evaporation, drying support). The boiler property exposure includes steam-side failure, water-side failure, fuel system failure and structural failure. The boiler should be inspected and operated under the Indian Boilers Act and applicable state boiler rules, with documented maintenance records, periodic statutory inspection and operator certification. The underwriter review confirms regulatory compliance and operational integrity, with explosion exposure being specifically addressed through the boiler and pressure vessel insurance component of the property programme.
Heat recovery and thermal integration
Large lithium refineries typically incorporate heat recovery and thermal integration to improve energy efficiency. The heat recovery systems (waste heat boilers, regenerative thermal oxidisers, heat exchanger networks) introduce additional thermal exposure and additional failure modes. The thermal integration also creates inter-unit dependency, where a failure in one thermal system can affect multiple downstream units. The underwriter evaluation considers the thermal integration design and the consequent inter-unit dependency for the business interruption assessment.
Battery Materials Output, Downstream Cell Manufacturing Integration and BI Exposure
The output of an Indian lithium refinery is battery-grade lithium hydroxide monohydrate or lithium carbonate, with the specific product depending on the customer requirement and the refinery configuration. The output specification is highly demanding, with battery-grade requirements typically at 99.5 percent or higher purity with strict limits on metal impurities (sodium, potassium, calcium, magnesium, iron, copper, nickel, cobalt at parts per million levels). The product specification compliance is critical for downstream cell manufacturing, where impurities can affect cell performance and safety.
The property exposure from the battery materials output handling is primarily in the storage, packaging and shipping infrastructure rather than from the product itself. Lithium hydroxide is a moderate caustic that requires controlled handling but is not flammable. Lithium carbonate is similarly stable. The handling exposures include packaging line equipment (typically robotic bagging or supersack filling systems), warehouse storage with environmental controls (humidity sensitive products require dehumidified storage), and outbound logistics including rail and road transport.
The downstream cell manufacturing integration creates a distinct exposure category. Where the lithium refinery is integrated with or co-located with cell manufacturing facilities, the integrated property exposure includes the cell manufacturing operations. Cell manufacturing involves significant thermal runaway risk during electrode processing, cell assembly and cell formation, with established global loss experience indicating that cell manufacturing facility fires can be among the most severe property events in the manufacturing sector. The Indian PLI scheme has accelerated cell manufacturing development at several integrated sites, with the integrated lithium refining and cell manufacturing facilities representing significant property aggregation.
The business interruption exposure for Indian lithium refineries is materially influenced by the downstream user dependency. Lithium refining operations supplying integrated downstream cell manufacturing have BI exposure linked to the cell manufacturing operations; refineries supplying multiple independent cell manufacturers have BI exposure linked to the contracted offtake; refineries supplying export markets have BI exposure linked to international demand. The BI quantum and indemnity period should be calibrated to the specific commercial structure.
Inventory management and surge capacity
The business interruption exposure is mitigated to some extent by inventory management and surge capacity in the supply chain. Where downstream cell manufacturers maintain lithium materials inventory of several weeks or months, short-duration refinery disruption may not immediately translate to cell manufacturing impact. The actual BI loss depends on the disruption duration, the inventory buffer and the surge capacity available from alternative suppliers. The underwriter evaluation considers the supply chain configuration and may apply contingent business interruption analysis to the upstream and downstream linkages.
Where the refinery serves a captive integrated cell manufacturing operation without alternative supply, the BI exposure is more concentrated. Disruption to the refinery directly affects the cell manufacturing, with no mitigation through inventory or surge capacity. The integrated business interruption assessment should reflect this concentration.
Contracted offtake structure
The contracted offtake structure between the lithium refinery and downstream cell manufacturers determines the financial mechanism of the BI loss. Take-or-pay contracts produce specific financial exposure during refinery disruption. Index-linked pricing structures create exposure to lithium price movements during the disruption period (where the index has moved against the refinery, the BI loss is larger than the simple revenue calculation; where the index has moved favourably, the BI loss is smaller). Force majeure provisions in offtake contracts affect the legal characterisation of the disruption and the resulting financial flow.
The insurance programme BI structure should align with the contracted offtake structure. The BI definition (gross profit, net revenue, contracted price less variable costs) should be specified clearly in the policy wording. The indemnity period should accommodate the recovery time including any contracted notice periods. The waiting period should be calibrated to the operational profile. The broker should review the offtake contracts at programme placement and ensure that the BI structure supports the corporate's financial exposure.
Export and currency exposure
Where the Indian lithium refinery has export contracted offtake, the BI exposure includes currency movement during the disruption period. The BI cover currency provisions should address whether the loss is calculated in INR or in the contract currency, how exchange rate movements during the indemnity period are treated, and whether contractual penalties under export contracts are within the BI cover. These technical points are often overlooked at programme placement but can be material at the time of claim.
Restart and re-commissioning sequence
The BI indemnity period should accommodate the restart and re-commissioning sequence, which for a complex hydrometallurgical refinery can be 3 to 6 months from physical damage repair completion to full operational throughput. The restart includes process commissioning, quality validation, customer acceptance and ramp-up to contracted volumes. The indemnity period should run from the disruption to the resumption of contracted volumes, not merely to physical damage repair completion. This distinction is important and should be clear in the policy wording.
Effluent, Waste Management and Environmental Property Exposure
Hydrometallurgical lithium refining produces significant waste streams including spent sulphuric acid, sodium sulphate or sodium carbonate solid waste, gypsum byproduct, magnesium hydroxide byproduct, and minor impurity precipitates. The waste management infrastructure represents a significant property component and a significant operational risk dimension. The environmental property exposure interacts with the property programme through pollution liability, contingent business interruption from environmental shutdown and direct property damage from waste handling incidents.
The spent sulphuric acid stream from the leaching circuit, after partial regeneration, contains dissolved metal sulphates and excess acid. The treatment typically involves neutralisation with lime or sodium hydroxide, producing gypsum or sodium sulphate solid waste. The treatment infrastructure includes acid storage, neutralisation tanks, separation equipment, solid waste handling and storage. The acid handling property exposure includes tank corrosion, piping integrity, spill containment and worker exposure. The neutralisation circuit property exposure includes the chemical reaction control and the heat generation management.
The sodium sulphate or sodium carbonate solid waste is a substantial volume waste stream from lithium refining, typically 8 to 12 tonnes of solid waste per tonne of lithium hydroxide produced. The waste management options include disposal to engineered landfill, sale as industrial chemical (for sodium sulphate, with applications in glass, detergent and paper manufacturing), or co-processing with cement manufacturing for some configurations. The disposal infrastructure or the sale logistics infrastructure represents property value and creates operational dependency that affects the BI assessment.
The gypsum byproduct, where produced, is a marketable industrial mineral with applications in cement and plaster manufacturing. The gypsum handling infrastructure includes filtration, drying, storage and outbound logistics. The infrastructure property exposure is moderate compared to the main process train, but the gypsum quality consistency is important for marketability and any disruption affects revenue from this stream.
Effluent treatment plant property exposure
The effluent treatment plant (ETP) at a lithium refinery typically handles process water streams including the SX raffinate, the crystallisation mother liquor and the equipment washing streams. The ETP infrastructure includes equalisation tanks, neutralisation reactors, filtration units, clarifiers, biological treatment in some configurations and final discharge or recycle to process. The ETP property value can be INR 50 to 200 crore depending on capacity and complexity, and the operational integrity is critical for environmental compliance.
ETP failure exposures include: chemical reaction failure with consequent process upset; tank or vessel failure with effluent release; pump and equipment failure with treatment train shutdown; and structural failure of containment. The ETP failure can trigger regulatory shutdown of the entire refinery, with extended business interruption until the ETP is restored and regulatory compliance demonstrated. The underwriter evaluation typically reviews the ETP design, operational procedures and contingency planning, with specific attention to the regulatory shutdown exposure.
Air emissions control infrastructure
The air emissions from a lithium refinery include flue gas from the high-temperature operations, vent gas from various process operations and potential fugitive emissions from solvent handling. The air emissions control infrastructure includes baghouses or electrostatic precipitators for particulate control, scrubbers for acidic gas control, condensers for volatile organic compound capture and tall stacks for dispersion. The infrastructure property exposure is moderate but the operational integrity is critical for compliance with state pollution control board norms.
The air emissions control failure can trigger regulatory shutdown similar to the ETP failure scenario. The CPCB and state pollution control board enforcement framework is increasingly active, with consent suspension and operational shutdown being routinely applied to non-compliant facilities. The underwriter evaluation considers the regulatory shutdown exposure as part of the broader BI assessment.
Pollution liability programme integration
The pollution liability exposure at a lithium refinery extends beyond the property programme to specific pollution liability insurance. The property programme typically responds to sudden and accidental pollution events directly caused by a covered physical damage event, but does not respond to gradual pollution, regulatory remediation of historic contamination or third-party claims for environmental damage. Separate environmental impairment liability (EIL) cover is typically placed for these exposures.
The EIL programme should address the specific lithium refining pollution profile including acidic and alkaline release scenarios, heavy metal release scenarios, solvent release scenarios and waste handling release scenarios. The EIL programme structure typically includes site pollution liability for the operating site, transportation pollution liability for inbound feedstock and outbound product, and contractor's pollution liability for major maintenance and capital project activities. The EIL programme should be coordinated with the property programme to address scenarios where both covers may be triggered.
Construction Phase, Commissioning and the Long-Tenure Property Programme
The construction phase for an Indian lithium refinery typically runs 30 to 42 months from financial close to mechanical completion, with another 6 to 12 months of commissioning to commercial operation. The construction insurance programme uses contractor's all risks (CAR) or erection all risks (EAR) cover with delay in start-up (DSU) extension, placed for the full construction value (typically INR 2,000 to 8,000 crore depending on facility scale) with appropriate limits for catastrophic perils.
The construction phase exposures include conventional construction risks (collapse, fire, theft, vandalism, transit risks for major equipment), site-specific risks (natural perils based on location, seismic exposure, flood exposure), and commissioning-specific risks (chemical inventory introduction, hot commissioning activities, performance testing). The CAR/EAR programme should respond to physical damage from these causes with associated DSU cover for commercial operation delay.
The equipment supply chain for lithium refining includes long-lead-time items requiring specific transit and storage cover. The spodumene roaster (rotary kiln or fluidised bed), the SX mixer-settlers, the impurity removal reactors, the crystallisers and the major support systems are typically procured from European, Australian or Chinese vendors with 12 to 24 month lead times. The marine cargo cover for these consignments should be carefully placed with appropriate values and conditions; transit losses can directly affect commissioning schedules and the DSU exposure.
Commissioning phase risk elevation
The commissioning phase risk elevation at lithium refineries is significant. The chemical inventory introduction, the first-time operation of the SX circuits, the first-time spodumene processing through the roaster, and the first-time impurity removal and crystallisation operations all carry elevated risk relative to steady-state operation. Several global lithium refinery commissioning periods have included material loss events, informing the insurer pricing and conditions for the commissioning phase.
The CAR/EAR programme typically extends through commissioning under specific extension provisions, with the transition to the operational property programme at a defined commissioning milestone (typically commercial operation date or sustained operational performance achievement). The wording of the extension provisions and the transition timing should be specified clearly, with broker management to avoid coverage gaps.
Operational phase programme structure
The operational phase property programme for a 30,000 tonne per annum lithium refinery typically has a programme limit in the INR 2,500 to 5,000 crore range covering material damage and business interruption. The crore-scale values, rate bands and indemnity periods cited in this article are illustrative ranges drawn from comparable process-industry and refining placements; actual figures for any specific refinery should be derived from its own asset register, scenario modelling and reinsurer feedback. The structure involves layered placement with primary, first excess and additional excess layers, multiple insurers per layer to spread capacity, and substantial foreign reinsurer participation. The lead insurer typically retains 20 to 30 percent of the primary layer with the balance reinsured through treaty support.
The foreign reinsurer engagement is essential for the upper layers given the technology novelty and the scale of the exposures. Munich Re, Swiss Re, SCOR, Hannover Re and Korean Re are providing treaty support based on their global lithium refining experience. Lloyd's syndicates with chemical and refining specialty provide capacity for the most complex risks. GIFT City IFSC reinsurers provide additional capacity that supplements the onshore market.
Long-tenure programme considerations
Lithium refinery project sponsors typically prefer multi-year property programmes for stability, but the Indian commercial property market through FY2025-26 has been cautious in committing to long tenures for this novel risk class. The first 24 to 36 months of operation are particularly important for risk control validation, loss experience development and underwriting confidence building. Rolling annual programmes with renewal commitments subject to risk control compliance are the typical compromise structure during this period.
After the initial operational period, multi-year programmes become more accessible as the operational track record establishes risk control credibility. The transition from annual to multi-year programmes typically occurs in years 3 to 5 of operation, with the specific timing depending on loss experience, operator capability and broader market conditions. The broker role in supporting the transition includes operational data presentation, risk control documentation and reinsurer engagement to secure the necessary capacity commitments.
Captive considerations
The scale of lithium refinery investments and the multi-project nature of large sponsor portfolios create economic attractiveness for captive insurance structures through GIFT City IFSC. A captive can retain specific layer exposures (typically the lower attritional layers up to defined thresholds), with traditional commercial market and reinsurance treaty programmes covering the higher catastrophic exposure layers. The captive economic case depends on loss experience, the cost of captive operation and the regulatory and operational complexity of captive management.
Large Indian sponsors with multi-project critical mineral portfolios (Vedanta, Adani, Reliance, JSW) have specific advantages in captive structures because the captive can pool exposures across projects in critical minerals processing, achieving better diversification economics than single-project structures. The captive design should be addressed early in the project portfolio development, with insurance programme architecture aligning across the critical minerals portfolio.
Platform support for programme structuring
Integrated insurance technology platforms supporting brokers in delivering lithium refinery programme structuring are emerging in the Indian market. The platforms provide centralised technical documentation libraries, engineering review workflow support, reinsurer placement coordination and operational data integration. They enable brokers to deliver consistent technical quality across multiple lithium refinery placements while building portfolio-level insight that informs programme design. Sarvada is one such platform supporting brokers in delivering integrated programme advisory for Indian lithium refining and battery materials projects. Request Access to evaluate the platform capabilities for the technical advisory work that the lithium refining underwriting environment requires.