Nexon Geochem Signs MoU with Russia's Giredmet to Set Up NdFeB Rare Earth Magnet Plant in Hyderabad
Nexon Geochem Private Limited, a Hyderabad-based advanced materials company, has signed a Memorandum of Understanding with Giredmet, the State Research and Design Institute of Rare Metal Industry under Russia's Rosatom State Corporation. The agreement covers joint development of deep-processing technologies for Neodymium-Iron-Boron (NdFeB) permanent magnets, along with analytical methods, pilot-scale technology validation, and workforce development.
Under the partnership, Nexon Geochem plans to establish a sintered NdFeB permanent magnet manufacturing facility in Hyderabad, aiming for an integrated platform spanning rare earth oxide inputs through to finished magnet production. The company has set a production capacity target of 1,200 metric tonnes per annum by FY2033. Giredmet will provide technical expertise for processing and material systems.
Nexon Geochem, incorporated in March 2025, is developing the project as a greenfield venture under the Government of India's Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets. NdFeB magnets are used in electric vehicles, wind turbines, defence systems, robotics and advanced electronics — sectors where India currently depends heavily on imports.