Lohum Cleantech has announced a phased investment of up to ₹3,000 crore to set up an integrated rare earth permanent magnet manufacturing facility in Meerut, Uttar Pradesh.

The project will be developed on a 50-acre government-allotted site and is designed to produce 2,000 tonnes per annum of rare earth magnets by 2029. It will be a fully integrated facility covering the entire value chain—from processing rare earth inputs and alloys to producing finished sintered magnets.

The plant has been approved under the Government of India’s Electronics Components Manufacturing Scheme and is expected to receive a 25% capex subsidy. It will serve key sectors such as electric vehicles, renewable energy, defence, aerospace, and electronics.

Once fully operational, the facility could meet up to 20% of India’s projected demand for rare earth magnets, supporting the country’s push to reduce dependence on imports, particularly from China, and strengthen domestic critical mineral supply chains.