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Business Standard

Midwest set to lead India's rare earth magnet charge from December

Hyderabad-based MAM to start 500-tonne annual rare earth magnet output by December and invest ₹1,000 crore in three years to scale capacity and secure raw material premium Shine Jacob Chennai Listen to This Article India's solution to the ongoing crisis on rare earth magnets may well be on track, as Hyderabad-based Midwest Advanced Materials (MAM) is all set to produce the country's first rare earth magnets by December from its 500-tonne-per-annum facility in Hyderabad, a top company executive told Business Standard on Sunday. The Kollareddy-family-owned company is also mulling investments to the tune of ₹1,000 crore over a period of three years to expand its capacity to around 5,000 tonnes per annum, in addition to backward integration. Midwest Ltd (a sister concern of MAM) has secured mines containing monazite (feedstock for rare earths) strategically