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Nexon Geochem To Invest Rs 1250 Crore In Andhra Pradesh For Rare-Earth Magnet Plant
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Moneycontrol•14-10-2026, 15:05
Nexon Geochem To Invest Rs 1250 Crore In Andhra Pradesh For Rare-Earth Magnet Plant
- •Nexon Geochem signed an MoU with the Andhra Pradesh Economic Development Board to set up an integrated rare-earth permanent magnet facility in Thondangi, Kakinada district.
- •The project involves a total investment of Rs 1,250 crore across two phases, with Rs 750 crore for the first phase and Rs 500 crore for the second phase.
- •The plant will produce sintered neodymium-iron-boron (NdFeB) permanent magnets, which are vital for electric vehicles, wind turbines, defence, and industrial automation.
- •The facility is designed to achieve an annual production capacity of 600 tonnes of high-grade permanent magnets to help reduce India's import dependence on critical minerals.
- •Praveen Kumar Choudhary, Director of Nexon Geochem, stated that the initiative aims to strengthen supply-chain security and support India's ambitions in electric mobility and renewable energy.
Key Questions Answered
Nexon Geochem is committing a total investment of Rs 1,250 crore across two strategic phases, with Rs 750 crore allocated for the first phase and Rs 500 crore for the second phase.
The integrated sintered NdFeB rare-earth permanent magnet facility is being set up in Thondangi, located in the Kakinada district of Andhra Pradesh.
The facility is engineered to achieve a massive annual production capacity of 600 tonnes of high-grade permanent magnets to serve the electric vehicle and renewable energy sectors.
