India is set to significantly increase its neodymium production, aiming for 500 tonne by the end of FY27, a ninefold rise from its current output of 40 tonne.
The expansion is led by Indian Rare Earths (IREL), a state-run enterprise under the Department of Atomic Energy (DAE). Neodymium is critical for industries like electric vehicles, clean energy, and defence. IREL plans to ramp up production to 200 tonne by the end of this financial year, and reach 500 tonne by FY28 through its own engineering solutions.
The company operates extraction plants in Odisha and Kerala, producing eight rare-earth elements, including neodymium. India ranks third in output, controlling about five to six percent of the market share.