Midwest Energy to set up Rs 250-crore rare earth magnet plant in Hyderabad
Hyderabad-based Midwest Energy is setting up India’s first sintered NdFeB magnet plant in Hyderabad at an initial investment of Rs 250 crore to build domestic capacity for a product India currently imports almost entirely. The plant is undergoing trial production with commercial production expected to begin by mid-October with an initial 500 MT/year capacity, sources said.
The plant will manufacture magnets — using manufacturing tech developed in-house — for electric vehicle motors, wind turbines, smartphones, defence applications and MRI equipment, with sample testing underway with several EV and wind-energy companies.
