Hyderabad, India, 13th July 2026: In a groundbreaking first move from India, Nexon Geochem Private Limited fast tracks rare earth minerals processing and production signing a Memorandum of Understanding (MoU) with Giredmet, the State Research and Design Institute of Rare Metal Industry under Russia’s Rosatom State Corporation. The company is poised to hit a benchmark production capability of 1200 MTPA by FY 2033.
Through this partnership, the Hyderabad-based advanced materials company, Nexon Geochem aims to bridge one of India’s most critical gaps in the rare earth value chain by establishing an integrated, full-cycle platform spanning rare earth oxide inputs through to finished magnet production. As an immediate objective, Nexon Geochem plans to establish a highly scalable sintered NdFeB permanent magnet manufacturing facility in Hyderabad positioning itself as the one of the first integrated rare earth oxide-to-magnet platforms.
Giredmet brings close to a century of institutional expertise in rare metals research, high-purity separation and processing technologies and advanced material systems to the collaboration. The MoU covers joint research and development of deep-processing technologies for rare and rare-earth metal raw materials. Furthermore, with an integrated project scope spanning high-purity rare earth metals, compounds, and finished materials for use in the electronics, chemical, and nuclear industries. The partnership includes development and validation of analytical control methodologies, scaling of technologies from laboratory to pilot production and joint academic and educational programmes.
Driven primarily by electric vehicle adoption and renewable energy deployment, India’s domestic consumption in 2026 stands at 7,500 MTPA, clocking a 30% CAGR and the market size stands at INR 5625cr with an average price of INR 7500 per kg. By 2031 the consumption is expected to reach 12500 MTPA pushing the market size to INR 20,625cr with price per kg rate at INR 16,500 clocking an 18 % CAGR. However currently, the supply chain for these high-performance magnets remains heavily concentrated globally, leaving countries like India dependent on imports despite rapidly growing demand. Through its partnership with Giredmet, Nexon Geochem aims to address this strategic gap by building an end-to-end domestic manufacturing platform, enabling India to strengthen its critical minerals value chain, reduce import dependence and emerge as a competitive producer of high-performance NdFeB magnets.
Praveen Choudhary, Founder of Nexon Geochem Private Limited said, “Securing the critical mineral value chain is no longer just an economic goal, it is a necessity for global technological resilience. Bringing a fully integrated sintered NdFeB magnet manufacturing facility to life requires world-class technology transfer and collaborating with an institution that holds nearly a century of rare metal expertise is a massive milestone. The real work begins now.”
Konstantin Ivanovskikh, Deputy Director for Science and Innovation at Giredmet described the signed memoranda as “concrete technological roadmaps” rather than statements of intent, adding that the agreements represent a move toward “practical implementation of rare earth magnet production projects” and a contribution to the technological sovereignty of both countries.
NdFeB permanent magnets are essential to electric vehicles, wind turbines, defence systems, robotics and advanced electronics, making them one of the most critical components driving the global energy and technology transition. Recent export curbs by China during 2025–26 exposed the vulnerability of India’s EV, defence electronics and industrial manufacturing supply. While India possesses the world’s third-largest rare earth reserves estimated at nearly 7 million tonnes, it still lacks commercial-scale rare earth separation, refining and industrial magnet manufacturing.
About Nexon Geochem Private Limited:
Nexon Geochem Private Limited is a Hyderabad-based advanced materials company focused on building India’s downstream rare earth value chain, converting critical mineral inputs into advanced industrial products including high-purity rare earth compounds and permanent magnets. Incorporated on March 6, 2025, Nexon is designed as a greenfield venture, to establish an integrated sintered NdFeB Rare Earth Permanent Magnet (REPM) manufacturing facility in India. This is being executed under the Government of India’s Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets.
About Giredmet:
Giredmet (State Research and Design Institute of Rare Metal Industry) is part of the Scientific Division of Russia’s Rosatom State Corporation. Founded nearly a century ago, it is one of the world’s leading institutions for rare metal research, processing technology development, and high-purity material systems.
