N.A.N. GreenMet to Invest ₹1,250 Crore in India's First Integrated NdFeB Rare Earth Magnet Plant in Andhra Pradesh
N.A.N. GreenMet Pvt. Ltd, a critical minerals and advanced manufacturing platform founded by Vedanta Vice Chairman Navin Agarwal, has launched N.A.N. MagneTech Pvt. Ltd to establish India's first fully integrated high-performance Neodymium-Iron-Boron (NdFeB) rare earth magnet manufacturing facility.
The facility will be developed at Naidupeta Industrial Park in Nellore district, Andhra Pradesh, with an initial investment of approximately ₹1,250 crore. The company has secured land for the project along with incentives from the Andhra Pradesh government.
Phase I of the facility will establish a saleable capacity of 1,200 tonnes per annum (TPA), with plans to scale up to a total capacity of 10,000 TPA over the long term. Commercial production is targeted to begin in the first quarter of 2028. The plant is expected to generate annual revenue of ₹1,200-1,500 crore once operational.
The project is being developed with Japanese technology partners, including Dr Masato Sagawa, inventor of the NdFeB magnet, as Senior Technical Advisor, and Dr John Ormerod as Chairman of the Technology Board. High-performance NdFeB permanent magnets are used in electric vehicle traction motors, wind turbines, defence systems, robotics, semiconductor manufacturing and advanced electronics. India currently imports nearly 95 per cent of its rare earth magnets from China. To secure raw material supply, the company has signed long-term agreements with an Australian rare earth producer for rare earth oxides, including heavy rare earth materials.