Navin Agarwal injects ₹1,250 cr into Indian rare‑earth magnet startup targeting PLI incentives
Navin Agarwal, Vedanta's exec vice‑chair, is investing ₹1,250 cr in NAN MagneTech to launch a 1,200‑tonne‑per‑year NdFeB magnet plant in Andhra Pradesh. The venture will chase the government's ₹7,280 cr PLI scheme, aiming to curb India's reliance on Chinese rare‑earth magnets for EVs, defense and wind turbines.