Nexon Geochem Signs MoU with Russia's Giredmet to Build Rare Earth Magnet Manufacturing Platform in Hyderabad
Nexon Geochem has signed a Memorandum of Understanding with Giredmet, the State Research and Design Institute of Rare Metal Industry under Russia's Rosatom State Corporation, to accelerate rare earth minerals processing and advanced magnet production in India. The partnership positions the Hyderabad-based advanced materials company to establish one of India's first integrated rare earth oxide-to-magnet manufacturing platforms.
As its immediate focus, Nexon Geochem plans to develop a scalable sintered NdFeB (Neodymium-Iron-Boron) permanent magnet manufacturing facility in Hyderabad. NdFeB magnets are critical components used in electric vehicles, renewable energy systems, defence applications, robotics and advanced electronics. The company is targeting a production capacity of 1,200 metric tonnes per annum by FY2033.
Under the collaboration, Giredmet will bring nearly a century of expertise in rare metals research, high-purity separation technologies and advanced material systems. The MoU covers joint research and development of deep-processing technologies for rare and rare-earth metal raw materials, along with development of high-purity rare earth metals, compounds and finished materials for applications across electronics, chemical and nuclear industries.
The partnership will also cover analytical control methodologies, technology scale-up from laboratory research to pilot production, and joint academic and educational initiatives. Nexon Geochem founder Praveen Choudhary said establishing a fully integrated sintered NdFeB magnet manufacturing facility requires technology transfer and close collaboration of this kind.
The initiative is aimed at reducing India's heavy dependence on imported rare earth magnets, with domestic demand for high-performance permanent magnets projected to grow substantially in the coming years as electric vehicle and renewable energy adoption accelerates.