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Ashvini Sparks India's Rare Earth Magnet Future
22 Dec
Summary
- India's first rare-earth metal plant aims to reduce import dependence.
- Company seeks partners to overcome magnet manufacturing equipment barriers.
- Investor sentiment has improved but long gestation periods remain a concern.
Ashvini Rare Earth has commissioned India's inaugural rare-earth metal facility, aiming to catalyze domestic magnet production. The 15-tonne-per-annum Neodymium-Praseodymium (Nd-Pr) metal plant, located in Pune, marks a significant step in reducing India's import dependence for critical materials used in EVs and wind turbines.
Commercial operations are awaiting confirmed buyers, with the company prioritizing the development of downstream magnet manufacturing capacity. Managing Director Vikram Dhoot highlighted the need for domestic magnet production to ensure sustained demand for Nd-Pr metal. Ashvini is exploring partnerships to establish a larger facility or a smaller, integrated magnet line.
Overcoming reliance on Chinese equipment suppliers is a key challenge, with European and US alternatives being significantly more expensive. Ashvini is seeking strategic investors or joint-venture partners with scaling experience to leverage government incentive schemes and drive industrial growth in this vital sector.
