Hyderabad-based Nexon Geochem has partnered with Russia's Giredmet to establish integrated rare-earth processing and downstream facilities in India. This collaboration aims to bridge critical gaps in India's rare earth value chain, focusing on producing NdFeB permanent magnets essential for electric vehicles, wind turbines, and defence systems, reducing reliance on imports.
The Centre has notified the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM) with an outlay of Rs 7,280 crore. The initiative is targeting to reduce dependence on China for critical inputs and secure supply chains for EVs, electronics, aerospace and green energy.
The government plans to establish a fully indigenous manufacturing ecosystem with an annual production capacity of up to 6,000 tonnes. The scheme is expected to run for seven years, according to official documents.
The government on Wednesday approved a Rs 7,280 crore scheme to promote manufacturing of rare earth permanent magnets, a move which would help reduce India's dependence on China.
