Key facts
- Proterial, a Japanese company, will invest ₹2,250 crore ($270 million) in a rare earth magnet plant in Andhra Pradesh.
- The facility will be located in Achutapuram, Anakapalli district.
- It will manufacture 1.2 kilotonnes per annum of sintered neodymium-iron-boron (NdFeB) permanent magnets.
- These magnets are critical components for electric vehicles, wind turbines, and other advanced technologies.
- The project aligns with India's goal to reduce reliance on Chinese sources for rare earth magnets.
Japan's Proterial, a global leader in advanced materials and a pioneer in NdFeB magnet technology, is set to establish a rare earth permanent magnet manufacturing facility in Andhra Pradesh, India. The investment of ₹2,250 crore ($270 million) marks a significant step towards building India's local rare earth value chain and reducing its dependence on China.