Nexon Geochem plans a facility in Andhra worth 1,250 INR-Crore

Nexon Geochem has announced plans to develop a rare earth permanent magnet facility in Andhra Pradesh. The project will see an estimated investment of 1,250 INR-Crore.

Nexon Geochem will set up the facility in partnership with the Andhra Pradesh Economic Development Board. The facility will produce sintered neodymium-iron-boron (NdFeB) permanent magnets. These magnets are crucial components for electric vehicles, wind turbines, industrial automation, and defense applications. Additionally, the total estimated amount will be allotted across two strategic phases: the first phase will receive an estimated 750 INR-Crore and the second phase will be worth nearly 500 INR-Crore

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Nexon Geochem signed a Memorandum of Understanding (MoU) with the Andhra Pradesh Economic Development Board to establish the facility. The manufacturing plant will be located in Thodangi, Kakinada district. Moreover, the facility will aim for an annual production capacity of 600 Tonnes of high-grade permanent magnets, serving various industries such as electric vehicles (EV), renewable energy, and advanced manufacturing sectors.

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