Nexon Geochem to set up ₹1,250 crore rare-earth magnet plant in Andhra ...Middle East

Advanced materials company Nexon Geochem on Wednesday said that a rare-earth permanent magnet facility will be set up in Andhra Pradesh with an investment of Rs 1,250 crore. The development comes at a time when India is seeking to build a domestic ecosystem for critical minerals and reduce its dependence on imported rare-earth permanent magnets. The facility to be set up in partnership with the Andhra Pradesh Economic Development Board will produce sintered neodymium-iron-boron (NdFeB) permanent magnets, which are critical components for electric vehicles, wind turbines, industrial automation and defence applications, the company said in a statement. As the driving force and primary investor behind this project, Nexon Geochem is committing a total investment of Rs 1,250 crore across two strategic phases--Rs 750 crore dedicated to the first phase and Rs 500 crore allocated for the second phase. "Nexon Geochem...today announced the signing of a landmark Memorandum of Understanding (M

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