Proterial to invest ₹2,250cr in NdFeB magnet plant Andhra Pradesh
Japan's Proterial is putting ₹2,250 crore into a new rare-earth magnet factory in Achutapuram, Andhra Pradesh.
The plant will make special magnets (NdFeB) that power things like electric cars, wind turbines, and even aerospace tech, basically all the cool stuff that needs strong magnets.
This big move is part of India's push to make more of these crucial parts at home and rely less on imports from China.
State officials approve project, incentives align
The project just got the green light from state officials and lines up with new government incentives for local magnet makers.
Proterial, once known as Hitachi Metals, helped develop these high-tech magnets and pulled in ₹45,000 crore last year.
With operations across North America, Europe, China, and Asia, they're a major player in the global magnet game.