Mumbai, June 26 -- As India seeks to build its rare earth magnet industry, Vedanta Ltd's executive vice-chairman Navin Agarwal is betting Rs.1,250 crore in his personal capacity as an initial investment in a privately held manufacturing firm that has enlisted some of the world's top experts for the business. To take the plan forward, this firm plans to tap government's production incentives for the emerging sector, according to a person in the know.

Newly incorporated NAN MagneTech Pvt. Ltd is a fully-owned subsidiary of NAN GreenMet Pvt. Ltd, a holding company founded by Navin Agarwal, who chairs both the entities.

NAN MagneTech is looking to sign up for a Rs.7,280 crore production-linked incentives (PLI) scheme announced by the govern...