Nexon Geochem ties up with Russia's Giredmet for magnet plant

Giredmet, an entity of Russia's Rosatom State Atomic Energy Corporation, brings deep-processing technologies for rare and rare-earth metal raw materials. Konstantin Ivanovskikh, Deputy Director for Science and Innovation at Giredmet, said the agreements represent a move toward "practical implementation of rare earth magnet production projects" and a contribution to the technological sovereignty of India and Russia.

The MoU covers joint R&D spanning high-purity rare earth metals, compounds, and finished materials for use in electronics, chemical, and nuclear industries. It includes development of analytical control methodologies, scaling of technologies from laboratory to pilot production, and joint academic programmes.

Currently, the supply chain for high-performance magnets remains heavily concentrated globally, leaving countries like India dependent on imports despite rapidly growing demand. Nexon Geochem aims to address this gap by building an end-to-end domestic manufacturing platform, reducing import dependence and positioning itself as one of the first integrated rare earth oxide-to-magnet platforms in the country.