NAN GreenMet announced the setting up of the country's first fully integrated high-performance neodymium-iron-boron (NdFeB) magnet and rare earth magnet manufacturing facility with an initial investment of Rs 12.5 billion (bn). The facility is being established at the Naidupeta Industrial Park in Andhra Pradesh, where land has been secured and state government incentives obtained. Phase I involves an investment of approximately Rs 12.5 billion (bn) to establish an initial saleable capacity of 1,200 tonnes per annum (tpa), scaling to a total planned capacity of 10,000 tpa. The project is expected to generate annual revenues of Rs 12-15 billion (bn), with commercial production slated for the first quarter of 2028. Development is being carried out in collaboration with leading Japanese technology partners and with involvement from the inventor of NdFeB magnets, Masato Sagawa, and the facility will be developed with technology partners to create specialised manufacturing jobs in the region. To secure feedstock the company has executed long-term supply arrangements, including for critical heavy rare earth oxides, with a major Australian rare earth producer. Off-take agreements have been signed with leading domestic automotive original equipment manufacturers and Tier-1 suppliers to ensure early market access and to support localisation. The Naidupeta facility will integrate the entire oxide-to-magnet value chain under one roof, encompassing rare earth oxide processing, metal and alloy production, fully automated sintered magnet manufacturing and closed-loop recycling. High-performance NdFeB permanent magnets are critical for electric vehicle traction motors, wind turbines, defence equipment, robotics, semiconductors and advanced electronics. India imports nearly 95 per cent of its rare earth magnets from China, and the project is intended to strengthen domestic supply chains. The company said the integrated plant is designed to support localisation of critical components and to increase recycling capacity to reduce reliance on imports.