NAN GreenMet Pvt Ltd, the critical minerals and advanced manufacturing platform founded by Navin Agarwal, Vice Chairman of Vedanta, has announced the launch of NAN MagneTech Pvt Ltd to establish India’s first fully integrated high-performance Neodymium-Iron-Boron (NdFeB) rare earth magnet manufacturing facility. The project will be developed at the Naidupeta Industrial Park in Andhra Pradesh with an initial investment of ₹1,250 crore and is expected to begin commercial production in the first quarter of 2028.
The company has secured land for the project along with incentives from the Government of Andhra Pradesh. In the first phase, the facility will have an annual production capacity of 1,200 tonnes, with plans to expand to 10,000 tonnes in the coming years. Once operational, the plant is expected to generate annual revenue of ₹1,200–1,500 crore.
The facility will manufacture high-performance NdFeB magnets, which are essential for electric vehicles, wind turbines, defence systems, robotics, semiconductors and advanced electronics. At present, India imports nearly 95 percent of its rare earth magnets from China, making the project an important step towards strengthening domestic manufacturing and reducing import dependence.
NAN MagneTech has secured long-term raw material supplies, including heavy rare earth oxides, through a leading Australian producer. The company has also signed off-take agreements with major domestic automobile manufacturers and Tier-1 automotive suppliers, ensuring a stable demand for its products.
The Naidupeta plant will integrate the complete oxide-to-magnet production process under one roof. Operations will include rare earth oxide processing, metal and alloy production, fully automated sintered magnet manufacturing and closed-loop recycling. The company said this integrated approach will improve efficiency, strengthen supply chain reliability and support sustainable manufacturing.
The project is being developed with leading Japanese technology partners and is backed by globally recognised experts in rare earth magnet technology. The technical team includes Dr Masato Sagawa, inventor of the NdFeB magnet, as Senior Technical Advisor, Dr John Ormerod as Chairman of the Technology Board, and Dr Gaurav Shukla as Deputy CEO.
Navin Agarwal, Founder and Chairman of NAN GreenMet, said advanced materials and manufacturing technologies will play a key role in the industries of the future. He said the new venture is aimed at creating a strong domestic rare earth magnet ecosystem while supporting India’s long-term manufacturing growth and technological self-reliance.
Dr John Ormerod said the project will bring advanced Japanese process technology to India across the complete oxide-to-magnet value chain. He added that secure raw material sourcing, combined with closed-loop recycling, will help the company deliver high-quality products that meet global standards.
NAN GreenMet is focused on building integrated capabilities across battery recycling, critical mineral recovery, precision blasting and rare earth permanent magnet manufacturing. Through partnerships with global technology providers in Japan, Belgium and the Americas, the company aims to strengthen India’s clean energy and advanced manufacturing ecosystem while supporting the goals of Atmanirbhar Bharat and Viksit Bharat.
