Lohum to Set up India’s First Integrated Rare Earth Magnet Production Facility
Lohum, a producer of battery raw materials through recycling, will be investing Rs. 500 crore for developing India’s first integrated Rare Earth Element (REE) magnet manufacturing facility in Uttar Pradesh. The company will make this investment over the period of next 18 months.
Lohum’s upcoming plant in UP will have a production capacity of 2,000 tonnes. This facility will produce rare-earth element-based magnets from end-to-end, starting from refining and production of light and heavy rare earth elements. These materials will serve key sectors such as electric mobility, renewable energy, aerospace, and defence. Commenting on this development, Mr. Rajat Verma, Founder and CEO of Lohum, said, “By establishing domestic production capabilities, we’re not only reducing import dependence but creating a resilient, sustainable supply chain that will support India’s growth for decades to come”.
This development by Lohum carries significant importance, as several media reports indicate that India’s annual demand for rare earth magnets has surged to 4,000 tonnes in 2025 and is projected to reach 15,000 tonnes by 2030. Despite possessing about 7% of global rare earth resources, India continues to import over 90% of its rare earth magnets, primarily from China.
The company is also planning to roll out its Initial Public Offering (IPO) by 2027 targeting to raise USD 200 million.
