Nexon Geochem to Invest ₹1,250 crore in Rare‑Earth Magnet Plant in Andhra Pradesh

Nexon Geochem, a chemical manufacturing company, said it will establish a rare‑earth magnet plant in Andhra Pradesh with an estimated capital outlay of ₹1,250 crore. The venture aims to produce high‑performance magnets that are essential for electric vehicles, renewable‑energy equipment and defence applications. By setting up the facility domestically, the firm hopes to reduce India’s reliance on imported rare‑earth components and support the government’s self‑reliance drive. While the precise site and commissioning schedule have not been disclosed, officials indicated that the project will generate a substantial number of direct and indirect jobs and could spur ancillary industries in the region. The investment reflects a broader trend of Indian companies entering the strategic rare‑earth value chain, a sector long dominated by foreign suppliers.