Pune firm cracks rare earth code; magnet gap stays

Last November, Vikram Dhoot, managing director of Pune-based Ashvini Magnets, began receiving an unusual flurry of calls and emails from Chinese companies. They wanted to collaborate, transfer technology and supply materials—without any active solicitation.

- T.Surendar

Dhoot was used to an occasional inquiry every few months. The sudden attention puzzled him.

Then, in April, China imposed an export ban on rare earth magnets and had already stopped shipping metal-processing equipment. It dawned on Dhoot that the Chinese interest may have had more to do with his secret project to make rare earth metals.

“When I got those calls, I ignored them,” Dhoot recalled. “We were already working with the Bhabha Atomic Research Centre on a technology to make metals. It’s only later I realised they may have been probing our work. Now my industry friends advise me not to travel to China.”

On 11 October, Ashvini Magnets unveiled India’s first indigenous rare earth metals plant, marking a significant step in the country’s quest for self-reliance in critical materials. The plant can produce 15 tonnes a month of both light and heavy rare earth metals, crucial inputs for a range of industries—from magnets and electronics to green energy.