India, June 30 -- India has taken another important step toward becoming self-sufficient in the areas of critical minerals and manufacturing through the State Government of Andhra Pradesh approving two new 'greenfield' projects worth Rs3,500 crore to manufacture rare earth permanent magnets. These projects, being developed by Proterial (India) Pvt Ltd and NaN MagneTech (India), will provide the country with necessary domestic capabilities for producing high performance magnetic materials that can be used in electric vehicles, renewable energy, defense, and advanced electronics.

Andhra Pradesh Approves Two Rare Earth Magnet Projects The Government of Andhra Pradesh has notified G.O.Ms. No. 136 and G.O.Ms. No. 137 on June 25, 2026, which...