Lohum to Invest ₹3,000 Crore in Rare Earth Magnet Facility in Meerut

Lohum, a major player in critical minerals and battery recycling, is investing ₹3,000 crore to establish a rare earth magnet manufacturing plant in Meerut, Uttar Pradesh. It is to be India’s first integrated plant of its kind, which will help in making the domestic supply chain for critical minerals and reduce reliance on foreign imports, particularly from China.

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The new facility will be built on a 50-acre plot by the Uttar Pradesh government. With a production capacity of 2,000 metric tonnes a year, the plant will produce rare earth magnets for electric vehicles, wind energy, electronics, and defence. It is an extension of India’s development to clean energy and to develop a world centre for advanced manufacturing.

The facility will integrate the value chain of rare earth ores, oxides, and scrap processing with metals and finished magnets making up the whole value chain. The latter will improve the sustainability and efficiency of the operation and is in line with India’s circular economy objectives. Lohum’s recycling and advanced materials expertise will be critical in the reduction of environmental impact and the utilization of resources.

The investment is strategic as China dominates the world’s rare earth refining and magnet production and will expand in such areas. India will be able to secure its production and supply chain from geopolitical risk by having local capacity in place in the near future. Lohum has also set ambitious targets of ₹10,000 crore in revenue by 2029 through refining, mining, and advanced materials manufacturing.

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The implications for the project can be seen as much bigger than industrial development. Rare earth magnets are essential for renewable energy technology and electric mobility, which is an integral part of India’s climate commitment. Lohum’s facility will not only strengthen the EV economy but will also create energy security and technology development from local production in India.

As such, Lohum’s ₹3,000 crore investment in Meerut will be a signal of India’s self-reliance in critical minerals. The rare earth magnet facility will enhance domestic capabilities, support clean energy initiatives, and take India to the top level in the global advanced materials market.