Japanese Co Proterial Looks to India for Making Magnets

The country is battling curbs imposed by China on the exports of the critical component

- Ayaan Kartik

Bain Capital-backed Japanese firm Proterial Ltd is looking to manufacture rare earth magnets in India at a time when the country is battling the restrictions imposed by China on the exports of the critical component required in automobiles and electronic products.

According to two people aware of the matter, the Japanese company wants to manufacture its flagship Neodymium Ferrite Boron (NdFeB) permanent magnets in the country as part of its NEO-MAX brand, with multiple companies in India already looking for alternative supply chains.

"The company is exploring a plant in India where it can make the magnets. The rare earth oxides can be sourced from within India and outside," one of the persons aware of the matter said, adding that the Japanese leadership is currently discussing the proposal.