Permanent Magnets Limited announced on August 28, 2025, that its subsidiary, Quantum Magnetics Private Limited (QMPL), has entered into a joint venture with Singapore-based Lorentic Pte Ltd. The partnership will focus on the manufacturing, marketing, and distribution of neodymium magnets and magnetic assemblies. Both companies will hold an equal 49.02% stake, with 1.96% reserved for employee stock options.
The agreement was approved by the Board of Directors of Permanent Magnets Limited on August 28, 2025. Following the allotment of equity shares to Lorentic, QMPL will no longer remain a wholly owned subsidiary but will continue as such until the share transfer is completed.
The joint venture ensures equal participation from both partners in management and decision-making, with board representation for each. Business operations will include establishing production facilities for neodymium magnets and assemblies, along with collaborative research and development of advanced magnetic products. The venture will serve both Indian and international markets.
QMPL, incorporated on May 31, 2023, reported revenues of ₹5.51 crore in FY 2024–25 and ₹0.008 crore in FY 2023–24, its first year of operations. The partnership is designed to broaden QMPL’s product portfolio, strengthen R&D capabilities, expand global reach, and enhance competitiveness. Permanent Magnets Limited expects the venture to generate long-term strategic benefits for all stakeholders.
While the transaction qualifies as a related party transaction due to QMPL’s subsidiary status, Lorentic has no connection to Permanent Magnets Limited or its promoter group. The agreement has been executed on an arm’s length basis.
Permanent Magnets Limited (PML), incorporated in 1960, brings over six decades of expertise in magnets, magnetic assemblies, and shunts. The company is a trusted provider of electrical components and assemblies built on core technologies that serve diverse industries including automotive, energy metering, renewable energy, aerospace and defence, food and beverage, among others.
PML’s capabilities span five key product categories: magnetic sensing, current sensing, magnetic assemblies, specialty alloys, and ZAMAK die-casting. Within these domains, the company designs and delivers a wide range of customized, application-specific solutions for its clients.
Working with leading global companies across industries, PML has established itself as a preferred partner. For several products, it is among a select group of suppliers worldwide, and in some cases, the sole supplier. The company enjoys a strong position as a key supplier to tier-1 automotive manufacturers for both internal combustion engine (ICE) vehicles and electric vehicles (EVs). It also supplies to the world’s top electricity meter manufacturers, where it has built long-standing and strategic customer relationships.
