N.A.N. MagneTech to Build Rs 1,250 Crore Rare Earth Magnet Plant

The project, launched by N.A.N. GreenMet Pvt. Ltd., a critical minerals and advanced manufacturing platform founded by Navin Agarwal, Vice Chairman of Vedanta, will initially create a saleable capacity of 1,200 tonnes per annum (TPA) under Phase I. The long-term plan is to scale the facility to a total capacity of 10,000 TPA.

The plant is expected to generate annual revenue of Rs 1,200–1,500 crore once operational. The project has secured land at Naidupeta Industrial Park along with incentives from the Andhra Pradesh government.

The integrated facility will cover the complete oxide-to-magnet value chain, including rare earth oxide processing, metal and alloy production, fully automated sintered magnet manufacturing and closed-loop recycling. The project is being developed with Japanese technology partners and in collaboration with Dr Masato Sagawa, inventor of the NdFeB magnet.

High-performance NdFeB permanent magnets are essential components used in electric vehicle traction motors, wind turbines, defence systems, robotics, semiconductors and advanced electronics. India currently depends on imports for nearly 95% of its rare earth magnets, primarily from China.

To strengthen supply chain security, N.A.N. MagneTech has secured long-term feedstock arrangements, including heavy rare earth oxides, from a major Australian rare earth producer. The company has also executed off-take agreements with leading domestic automotive OEMs and Tier-1 suppliers.

The technology and operational strategy for the facility are supported by global experts in rare earth magnet manufacturing. Dr John Ormerod, Chairman of the Technology Board, brings over 40 years of experience in rare earth magnetics, while Dr Masato Sagawa, Senior Technical Advisor, is recognised for inventing the sintered NdFeB magnet. Dr Gaurav Shukla, Deputy CEO, contributes more than two decades of expertise in rare earth materials science and magnet manufacturing.

Navin Agarwal, Founder and Chairman, N.A.N. GreenMet, said the project aims to strengthen India’s capabilities in advanced materials and strategically important manufacturing sectors by creating a domestic rare earth magnet ecosystem.

Dr John Ormerod, Chairman of the Technology Board, N.A.N. MagneTech, said the facility will introduce advanced Japanese process technology in India, covering the complete oxide-to-magnet ecosystem with secured feedstock supply and closed-loop recycling capabilities.