NAN GreenMet to set up NdFeB rare-earth magnet plant with initial investment of ₹1,250 cr

• PTI

• Published On Jul 24, 2026 at 11:38 AM IST

NAN GreenMet will establish India’s first integrated high-performance magnet facility. This new plant in Andhra Pradesh involves an initial investment of ₹1,250 crore.

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Critical minerals and advanced manufacturing platform NAN GreenMet on Thursday announced setting up of the country’s first fully integrated high-performance neodymium-iron-boron (NdFeB) magnet and rare earth magnet manufacturing facility with an initial investment of about ₹1,250 crore.

The facility is being set up at the Naidupeta Industrial Park in Andhra Pradesh, where land has been secured, along with state government incentives.

“Phase I involves an investment of approximately ₹1,250 crore to establish an initial saleable capacity of 1,200 tonnes per annum (TPA), scaling to a total planned capacity of 10,000 TPA,” the company said in a statement.

The project will generate annual revenues of ₹1,200-1,500 crore, with commercial production slated for the first quarter of 2028.

The facility is being developed in collaboration with leading Japanese technology partners, and the inventor of NdFeB magnets, Masato Sagawa.

High-performance NdFeB permanent magnets are critical components powering electric vehicle (EV) traction motors, wind turbines, defence equipment, robotics, semiconductors, and advanced electronics. India imports nearly 95 per cent of its rare earth magnets from China.

To secure supply chain resilience, the company has secured long-term feedstock supply arrangements – including critical heavy rare earth oxides — with a major Australian rare earth producer. Furthermore, off-take agreements have already been executed with leading domestic auto OEMs and Tier-1 automotive suppliers.

The Naidupeta facility will integrate the entire oxide-to-magnet value chain under one roof, encompassing rare earth oxide processing, metal and alloy production, fully automated sintered magnet manufacturing, and closed-loop recycling.