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The Economic Times

Economy / The Economic Times

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Japan company to set up rare earths magnet unit in Andhra Pradesh

Japan's Proterial will invest 2,250 crore to build a rare earth magnet plant in Andhra Pradesh. This facility will produce vital components for electric vehicles and wind turbines. The move aims to boost India's local rare earth value chain. It also reduces dependence on Chinese sources. This strategic investment strengthens India's manufacturing capabilities in key sectors.

16 Jun 2026 12:12 am