NAN MagneTech to invest Rs 1,250 crore in Andhra Pradesh for rare earth magnet plant

NAN MagneTech will invest Rs 1,250 crore in Andhra Pradesh for a new facility. This plant will be India's first integrated rare earth magnet manufacturing unit. Commercial production is expected to begin in early 2028. The facility will produce magnets for electric vehicles and wind turbines. This project aims to reduce India's reliance on imports.