NAN MagneTech to invest Rs 1,250 crore in Andhra Pradesh for rare earth magnet plant

Hyderabad: NAN MagneTech Pvt. Ltd., a newly launched company under NAN GreenMet founded by Vedanta Vice Chairman Navin Agarwal, has announced an investment of Rs 1,250 crore in Andhra Pradesh to set up what it claims will be India's first fully integrated high-performance Neodymium-Iron-Boron (NdFeB) rare earth magnet manufacturing facility.

The company has secured land at the Naidupeta Industrial Park in Andhra Pradesh for the project, which will have an initial production capacity of 1,200 tonnes per annum (TPA), with plans to eventually expand capacity to 10,000 TPA. Commercial production is expected to begin in the first quarter of 2028. The company said in a statement that it expects the project to generate annual revenues of Rs 1,200 crore-Rs 1,500 crore once operational.

The facility will manufacture NdFeB permanent magnets used in electric vehicle traction motors, wind turbines, defence equipment, robotics, semiconductors and other advanced electronics. India currently imports nearly 95% of its rare earth magnets from China, making domestic manufacturing strategically important.


N.A.N. MagneTech said it has secured long-term raw material supply arrangements, including heavy rare earth oxides, from a major Australian rare earth producer. It has also signed off-take agreements with leading domestic automobile original equipment manufacturers (OEMs) and Tier-1 automotive suppliers. The facility is also being developed in collaboration with leading Japanese technology partners, and the inventor of NdFeB magnets, Dr Masato Sagawa.

The plant will carry out the entire manufacturing process, from processing rare earth materials to producing finished magnets and recycling manufacturing waste, under one roof.