Rare Earth Permanent Magnet plant with 197 crores inaugurated in Visakhapatnam

Visakhapatnam has achieved another significant milestone with the commencement of the Rare Earth Permanent Magnet Plant (REPM). Indian Rare Earth Limited (IREL) successfully completed the construction of this plant at the Baba Atomic Research Center (BARC), investing a total of Rs 197 crores. The inauguration of the plant took place virtually on Thursday, coinciding with National Technology Day. Prime Minister Modi, through the virtual ceremony, dedicated this cutting-edge facility to the nation.

Situated on a spacious 2.92-acre area near the BARC centre in Atchuthapuram, the construction of the Rare Earth Permanent Magnet Plant in Visakhapatnam began in 2021 and was finalised in March 2023. With a production capacity of 3,000 kg per year, the plant will manufacture rare earth magnets, which play a pivotal role in various sectors, including telecommunications, electric vehicles, microelectronics, wind turbines, and fighter aircraft.

These rare earth magnets, composed of elements like samarium, cobalt, neodymium, iron, and boron, find extensive application in the development of advanced weaponry and missiles. However, as part of the self-reliant vision of Atmanirbhar Bharat, India has taken a momentous step forward by establishing indigenous production capabilities for these rare magnets.

By manufacturing these magnets domestically, India not only strengthens its defence capabilities but also reduces its dependence on imports. Furthermore, the global demand for these rare magnets presents an opportunity for India to establish itself as a prominent exporter in the international market.

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