In a major boost to India’s strategic manufacturing ambitions, Midwest Advanced Materials has announced an investment of ₹1,000 crore to establish a cutting-edge rare earth magnet production facility. This move aligns with India’s growing focus on self-reliance in critical technologies and clean energy components.
The facility will cater to the rising global demand for permanent magnets—an essential component used in electric vehicles (EVs), wind turbines, consumer electronics, and defense applications. With rare earth magnets playing a pivotal role in the green energy and mobility transitions, the company’s investment marks a significant milestone in India’s efforts to localize critical supply chains.
According to the company, the new plant will be equipped with advanced technology and will create hundreds of direct and indirect employment opportunities. The planned unit will also work closely with domestic mining entities and public sector enterprises to ensure the sustainable sourcing of raw materials.
Midwest Advanced Materials’ decision to manufacture rare earth magnets in India also supports the government’s ‘Make in India’ initiative and the recently launched Production-Linked Incentive (PLI) scheme for Advanced Chemistry Cells and specialty materials. The move is expected to reduce India’s dependence on imports, particularly from China, which currently dominates the global rare earth magnet market.
In addition to bolstering domestic capabilities, the company aims to serve international clients through exports, making India a potential hub for rare earth magnet manufacturing in the Asia-Pacific region.
This investment signals growing confidence among private players in India’s industrial policies and its vision to emerge as a global manufacturing destination for critical technologies.