FILE PHOTO: Blocks with symbols and atomic numbers of Rare Earth Elements (REE)
| Photo Credit:
Dado Ruvic
Hyderabad-based Nexon Geochem has signed a Memorandum of Understanding (MoU) with Russia’s State Research and Design Institute of Rare Metal Industry (Giredmet) for joint R&D of deep-processing technologies for rare and rare-earth metal raw materials, NdFeB rare-earth permanent magnet technologies.Neodymium-Iron-Boron (NdFeB) rare earth permanent magnets are key intermediate components of permanent magnet synchronous (direct drive) generators in wind turbines (especially for offshore turbines) and electric synchronous traction motors for propulsion systems in battery and hybrid electric vehicles (HEVs).The advanced materials company aims to establish an integrated, full-cycle platform spanning rare earth oxide inputs through to finished magnet production.As an immediate objective, Nexon Geochem plans to establish a highly scalable sintered NdFeB permanent magnet manufacturing facility in Hyderabad, positioning itself as the one of the first integrated rare earth oxide-to-magnet platforms.Nexon Geochem is targeting a 1,200 million tonnes per annum (mtpa) production capacity of NdFeB permanent magnets by FY33.Praveen Choudhary, Founder of Nexon Geochem, said, “Bringing a fully integrated sintered NdFeB magnet manufacturing facility to life requires world-class technology transfer and collaborating with an institution that holds nearly a century of rare metal expertise is a massive milestone. The real work begins now.”Giredmet brings close to a century of institutional expertise in rare metals research, high-purity separation and processing technologies and advanced material systems to the collaboration.Konstantin Ivanovskikh, Deputy Director for Science and Innovation at Giredmet, said the agreements represent a move toward “practical implementation of rare earth magnet production projects” and a contribution to the technological sovereignty of India and Russia. Giredmet is an entity of the Rosatom State Atomic Energy Corporation of Russia, which is a nuclear energy solutions behemoth.The MoU covers joint R&D of deep-processing technologies for rare and rare-earth metal raw materials. It offers integrated project scope spanning high-purity rare earth metals, compounds, and finished materials for use in the electronics, chemical, and nuclear industries.The partnership includes development and validation of analytical control methodologies, scaling of technologies from laboratory to pilot production and joint academic and educational programmes.Driven primarily by EV adoption and RE deployment, India’s domestic consumption of permanent magnets in 2026 stands at 7,500 mtpa, clocking a 30 per cent CAGR and the market size stands at ₹5,625 crore, with an average price of ₹7,500 per kg.By 2031, consumption is expected to reach 12,500 mtpa, pushing the market size to ₹20,625 crore with a price per kg rate of ₹16,500 per kg, clocking 18 per cent CAGR. However, currently, the supply chain for these high-performance magnets remains heavily concentrated globally, leaving countries like India dependent on imports, despite rapidly growing demand.Through its partnership with Giredmet, Nexon Geochem aims to address this strategic gap by building an end-to-end domestic manufacturing platform, enabling India to strengthen its critical minerals value chain, reduce import dependence and emerge as a competitive producer of high-performance NdFeB magnets.Published on July 13, 2026
