Property30 Oct 2026, 06:33 pm
Midwest Energy Acquires Land for Magnet Facility
AI Summary
Midwest Energy Ltd has accepted an offer from the Maharashtra Industrial Development Corporation (MIDC) to leasehold industrial land in Nagpur for a new 5000 MTPA Neodymium-Iron-Boron (NdFeB) permanent magnet manufacturing facility. The company will lease two plots, C-1/1 and C-1, totaling approximately 301,594.64 sq. mtrs. The total land premium for both plots amounts to ₹66,35,08,208. This acquisition is a significant step towards establishing a new manufacturing base for advanced permanent magnets.
Key Highlights
- Leasehold land acquired in Nagpur for magnet manufacturing facility.
- Facility to produce 5000 MTPA of NdFeB permanent magnets.
- Total land premium is ₹66,35,08,208.
- Acquisition is part of business expansion strategy.
- MIDC is the lessor, a government undertaking.
Price Impact
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