N.A.N. GreenMet Pvt Ltd, the critical minerals and advanced manufacturing platform founded by Navin Agarwal, Vice Chairman of Vedanta, has announced the launch of 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 company will invest around ₹1,250 crore in the first phase of the project at Naidupeta Industrial Park in Andhra Pradesh, where it has secured land and state government incentives.
Commercial production is targeted for the first quarter of 2028.
Aims to reduce China’s dominance
The project is expected to significantly reduce India’s dependence on imported rare earth magnets, a key component used in electric vehicles, wind turbines, defence systems, robotics, semiconductors and advanced electronics.
India currently imports nearly 95% of its rare earth magnets from China.
The Naidupeta plant will initially have a saleable capacity of 1,200 tonnes per annum (TPA), which will be expanded in phases to 10,000 TPA. At full scale, the facility is expected to generate annual revenues of ₹1,200-1,500 crore.
End-to-end manufacturing under one roof
The company said the facility will integrate the complete oxide-to-magnet value chain, making it India’s first such integrated manufacturing ecosystem.
Operations will include rare earth oxide processing, metal and alloy production, fully automated sintered magnet manufacturing and closed-loop recycling.
To ensure raw material security, N.A.N. MagneTech has entered into long-term feedstock supply arrangements, including critical heavy rare earth oxides, with a leading Australian rare earth producer.
The company has also signed off-take agreements with leading domestic automobile manufacturers and Tier-1 automotive suppliers.
Japanese technology collaboration
The project is being developed in collaboration with leading Japanese technology partners and Dr Masato Sagawa, the inventor of the NdFeB magnet.
The company’s technology leadership team includes globally recognised experts in rare earth magnet manufacturing.
Dr John Ormerod, Chairman of the Technology Board, brings over four decades of experience in rare earth magnetics, while Dr Masato Sagawa, Senior Technical Advisor, is internationally recognised as the inventor of the sintered NdFeB magnet.
The executive team also includes Dr Gaurav Shukla, Deputy CEO, an IIT alumnus with more than 20 years of experience in rare earth materials science and magnet manufacturing.
Building strategic manufacturing capability
N.A. N. GreenMet Founder & Chairman Navin Agarwal said advanced materials would play a defining role in future industrial competitiveness.
“The industries shaping the future will be defined by those who control advanced materials and manufacturing technologies. At N.A.N. GreenMet, we are building a globally competitive industrial enterprise that strengthens India’s manufacturing capabilities in strategically important sectors.”
“N.A.N. MagneTech is an important milestone in that endeavour, bringing world-class technology to establish a domestic rare earth magnet ecosystem that supports the country’s long-term industrial growth,” he said.
Dr John Ormerod, Chairman of the Technology Board, said the company would bring advanced Japanese manufacturing technology to India covering the complete oxide-to-magnet value chain.
“Backed by a secured feedstock strategy and closed-loop recycling, this platform is engineered to deliver consistent, world-class quality,” he added.
Supports clean energy transition
Rare earth permanent magnets are considered strategic materials because they are indispensable for electric mobility, renewable energy, defence and advanced manufacturing.
The company said its long-term strategy aligns with the national objectives of Atmanirbhar Bharat and Viksit Bharat, while strengthening India’s self-reliance in critical minerals and clean energy technologies.