N.A.N. GreenMet Pvt. Ltd. will establish a fully integrated Neodymium-Iron-Boron (NdFeB) magnet manufacturing facility in Naidupeta, Andhra Pradesh, launching a new subsidiary, N.A.N. MagneTech Pvt. Ltd.
Phase I of the project involves a capital expenditure of approximately 1,250 crore rupees to set up an initial capacity of 1,200 tonnes per annum (TPA). The company plans to scale total capacity to 10,000 TPA in later phases. Commercial operations are targeted to begin in the first quarter of 2028, with Phase I projected to generate annual revenues between 1,200 crore and 1,500 crore rupees.
The facility will process raw materials, produce metals and alloys, manufacture sintered magnets, and carry out closed-loop recycling. N.A.N. MagneTech has secured long-term raw material supply arrangements, including heavy rare earth oxides, with an Australian producer. It has also executed off-take agreements with domestic automotive manufacturers and Tier-1 suppliers.