Vedanta’s Navin Agarwal bets big on rare earth magnets, sets up firm eyeing PLI

Shukla said the magnet manufacturer will initially have the capacity to produce 1,200 tonnes of high-performance neodymium iron boron (NdFeB) magnets per year and plans to increase this capacity up to 10,000 tonnes in stages. Agarwal’s ₹He added that 1,250 crore will be invested for the first phase. For perspective, India’s annual rare earth magnet requirement is estimated at 4,000-5,000 tonnes.