NdPr oxide is reduced to metal in molten-salt electrolysis cells, then melted with iron and boron and strip-cast into the alloy flakes magnet plants grind up.
IREL (India) LtdOperator · MediumUnlisted
Non-Ferrous Materials Technology Development Centre (NFTDC)Enabler · HighUnlisted
Non-Ferrous Materials Technology Development Centre (NFTDC)
Government R&D centre in Hyderabad that developed the magnet and alloy technology licensed to Midwest
Strengths
One of the few Indian holders of rare-earth metal, alloy and magnet process know-how
Risks
A research body, not a manufacturer - it enables others rather than earning from volumes
Background
Autonomous R&D centre under the Ministry of Mines
Technology partner for the Midwest magnet project and the Midwest-Indonesia MoU (2026)
Not a company - no market data
Compiled from public reporting — not exchange-listed.
Where it fits
Metal makers convert oxide to NdPr metal; alloy makers melt it with iron, boron and small additions (cobalt, dysprosium) and cast thin alloy strips. The scheme expects winners to do this in-house as part of an integrated plant.
Why it matters
India has almost no commercial oxide-to-metal capacity today - the Cabinet itself said the country lacks large-scale plants for oxide-to-metal, metal-to-alloy and alloy-to-magnet. Without this step, oxide from IREL cannot become an Indian magnet.
Where the value pool sits
A narrow, specialised step whose value will mostly sit inside the integrated magnet makers. Government labs (BARC, NFTDC) hold the technology and are licensing it to industry.