Japan's Proterial To Set Up ₹2,250 Crore Rare Earth Magnet Plant At Achutapuram, Andhra Pradesh
Japanese materials company Proterial, formerly known as Hitachi Metals, plans to set up a permanent magnet manufacturing facility in Andhra Pradesh with an investment of approximately ₹2,250 crore. The plant will come up at Achutapuram in Anakapalli district.
The proposal has received approval from the State Investment Promotion Committee. The facility will produce sintered neodymium-iron-boron (NdFeB) permanent magnets, with planned capacity of 1.2 kilo tonnes per annum.
NdFeB magnets are used in electric vehicles, wind energy systems, industrial motors, electronics, aerospace and defence applications. The project is positioned to support India's efforts to build domestic rare earth magnet manufacturing capacity and reduce reliance on imported magnets, in line with a central government incentive programme for domestic production of sintered rare earth permanent magnets.
Proterial is recognised as an early developer of NdFeB magnet technology and operates manufacturing facilities across North America, Europe, China and other parts of Asia. The company already has an existing manufacturing presence in Andhra Pradesh for amorphous electrical steel used in transformer cores.