Recovering neodymium and other rare earths from scrap magnets, hard drives, motors and factory swarf - the fastest way to add feedstock without a new mine.
Attero RecyclingEmerging entrant · HighUnlisted
LohumEmerging entrant · HighUnlisted
Lohum
Battery-materials recycler building an NdFeB magnet plant in Uttar Pradesh; scheme bidder (Lohum Magnets & Energy Solutions)
Strengths
Combines recycling and magnet making, so it can feed its own plant with recovered rare earths
Risks
Unlisted - no audited public financials
Reported plant size and investment differ between announcements (₹500-3,000 Cr; 2,000-5,000 tonnes)
Background
Greater Noida-based critical-minerals recycler
ECMS approved its ₹700 Cr rare-earth magnet project (30 Mar 2026), billed by MeitY as India's first magnet plant starting from rare-earth oxides; not yet producing as of Oct 2026
Named in the REPM bidder list (PIB, 13 Aug 2026)
Compiled from public reporting — not exchange-listed.
Where it fits
Recyclers collect magnet scrap, crush it (often with hydrogen) and either re-make it into magnet powder or chemically recover rare-earth oxides to sell back up the chain.
Why it matters
Recycling can start far sooner than new mines. A separate ₹1,500 Cr critical-mineral recycling scheme (approved 3 Sep 2025, FY26-FY31) gives a 20% capex subsidy plus opex support, and two leading recyclers - Attero and Lohum Magnets & Energy Solutions - also bid for the magnet scheme.
Where the value pool sits
Small today: India generates limited magnet scrap, so volumes depend on collection of e-waste and end-of-life motors. Attero planned to lift rare-earth recycling capacity from 300 to 30,000 tonnes of feed a year (announced June 2025).
Key drivers
₹1,500 Cr recycling incentive scheme and e-waste EPR rules
Magnet scheme bids from recyclers
Factory swarf from new Indian magnet plants
Potential bottlenecks
Collection: magnet scrap is scattered across e-waste streams
Scrap quality varies; recovered oxide must be purified again
Recycling-scheme support is capped at ₹50 Cr per large company, capex and opex combined