NAN GreenMet Invests ₹1,250 Crore in India's First Rare Earth Magnet Plant

NAN GreenMet is establishing India's first fully integrated high-performance neodymium-iron-boron (NdFeB) and rare earth magnet manufacturing facility at the Naidupeta Industrial Park in Andhra Pradesh. The project aims to reduce India's dependence on Chinese imports, which currently account for nearly 95 percent of the country's rare earth magnets.

The company is investing approximately ₹1,250 crore for Phase I to create an initial saleable capacity of 1,200 tonnes per annum, with long-term plans to scale to 10,000 tonnes per annum. Developed in collaboration with Japanese technology partners and NdFeB magnet inventor Masato Sagawa, the facility will integrate the entire oxide-to-magnet value chain. Commercial production is scheduled to begin in the first quarter of 2028, with projected annual revenues ranging from ₹1,200 crore to ₹1,500 crore.

To ensure supply chain resilience, the company has secured long-term feedstock supply arrangements with a major Australian producer. Additionally, it has executed off-take agreements with domestic automotive original equipment manufacturers and Tier-1 suppliers.