Proterial may set up rare earth magnet plant in India
Proterial Ltd, supported by Bain Capital, is exploring the possibility of building a factory in India to produce Neodymium Ferrite Boron (NdFeB) magnets—key parts for electric vehicles and electronics.
This move comes as India tries to reduce its reliance on China for rare earth materials, especially after recent export restrictions.
Proterial already has plants in Japan and China, with the Chinese site turning out over 2,000 tons of these magnets each year.
India's skilled workforce and lower costs are making it a
India's skilled workforce and lower costs are making it a hotspot for international companies like Proterial.
The Indian government is finalizing a ₹1,365 crore plan to boost local magnet production.
Meanwhile, homegrown firms such as Sona Comstar and Ather Energy are stepping up their use of rare-earth magnets—even as mining giants like Hindustan Zinc expressed interest in exploring and scaling up extraction efforts.
All this points to India becoming a bigger player in the tech supply chain game.