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Vedanta's Navin Agarwal Bets ₹1,250 Crore on Rare Earth Magnets — and Wants Government PLI Money
mint·Saturday, 27 June 2026
Vedanta's executive vice-chairman Navin Agarwal is personally investing ₹1,250 crore in a privately held manufacturing firm focused on rare earth magnets. The company has brought in some of the world's top experts for the venture and is eyeing India's Production Linked Incentive (PLI) scheme. This is a bet in his personal capacity, separate from Vedanta's main business.
Why It Matters
Rare earth magnets are critical for electric vehicles, wind turbines, and defence equipment — sectors India is racing to build domestically. This investment signals serious private capital entering a strategic space.
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