Midwest Energy CEO: India's Rare Earth Magnet Scheme Timely, We'll Apply

• India's new ₹7,280 crore incentive scheme for rare earth permanent magnets is "ideal" for domestic manufacturers, says Midwest Energy CEO Soumya Kukreti.
• Midwest Energy is nearing commercial production at its 500-tonne-per-annum plant and plans a 5,000-tonne expansion within 24-36 months.
• The company will apply for the government scheme, adopting a "mine-to-magnet" indigenous strategy with no foreign technology partnerships.
• Initially, Midwest's magnets will be 20-30% costlier than Chinese products, but aims to match prices at a 5,000-tonne scale.
• The initiative aims to reduce India's dependence on imports for critical rare earth magnets, vital for EVs, wind turbines, and defence.

Why It Matters: Midwest Energy leverages India's new ₹7,280 Cr rare earth magnet scheme for indigenous production.