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• The Andhra Pradesh government has approved a special incentive package for M/s NAN MagneTech to establish a INR 1,250 crore rare earth permanent magnet manufacturing facility in Nellore district.
• The greenfield project will come up on 25 acres at Naidupeta Industrial Park, generate around 400 jobs and is targeted for commissioning by June 2028.
• The project is expected to strengthen India's domestic rare earth magnet manufacturing capabilities while positioning Andhra Pradesh as a key processing hub for the ASEAN and Indo-Pacific region.
• The state has sanctioned a customised package of incentives, including capital subsidy, power and water reimbursements, and land-related concessions, subject to investment milestones and policy conditions.
The Andhra Pradesh government has approved a customised incentive package for M/s NAN MagneTech to establish a greenfield manufacturing facility for high-performance rare earth permanent magnets in Naidupeta Industrial Park, Nellore district. The project involves a proposed investment of INR 1,250 crore and is expected to generate employment for around 400 people.
The facility will be developed over 25 acres and will have an annual production capacity of 1.2 KTPA of high-performance rare earth permanent magnets. According to the government order, construction is scheduled to begin in November 2026, machinery installation is planned for January 2027, trial production is expected by April 2028 and commercial commissioning has been targeted for June 2028.
The proposal received approval following recommendations by the State Investment Promotion Committee and the State Investment Promotion Board. The government stated that the project aligns with the national objective of developing indigenous manufacturing capacity for rare earth magnets while positioning Andhra Pradesh as a preferred rare earth processing hub for the ASEAN and Indo-Pacific region.
To facilitate the investment, the state has approved a tailored incentive package under the Andhra Pradesh Industrial Development Policy (4.0) 2024–29. The incentives include concessional land allotment, a capital subsidy of up to INR 564.92 crore, reimbursements on power tariff and electricity duty for six years, subsidy on water charges for seven years, and reimbursement of stamp duty, registration fee and transfer duty on land purchased for industrial use. The incentives will be linked to the completion of the project's fixed capital investment and will remain subject to prescribed policy conditions.
The government has directed multiple departments, including industries, power, water resources, finance and revenue, to coordinate the implementation of the project. The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and the Directorate of Industries have also been tasked with facilitating approvals through the Single Desk Portal and monitoring project progress to ensure timely execution.
Officials believe the project will contribute to strengthening India's strategic manufacturing ecosystem for critical minerals and advanced materials while supporting industrial development, employment generation and investment growth in Andhra Pradesh.
Source: AP government
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