Quantum Magnetics Gets ECMS Approval for Neodymium Magnets

Permanent Magnets Ltd's wholly-owned subsidiary, Quantum Magnetics Private Limited (QMPL), has received approval under the Electronics Component Manufacturing Scheme (ECMS). This approval is for the manufacturing of Neodymium Magnets (Rare Earth Elements). The development is a significant milestone for QMPL and aligns with the company's strategic goal of establishing a domestic manufacturing ecosystem for Rare Earth Permanent Magnets (NdFeB). The company acknowledged the support from the Government of India and the Ministry of Electronics and Information Technology (MeitY).