SMAC "GREL, Rare Earth Magnet Raw Material Import Tariff Exemption Benefit"

[Asia Economy Reporter Yoo Hyun-seok] S-Mac announced on the 20th that GREL recently received an import tariff exemption benefit from the Indian government for "rare earth magnets supplied with Nd metal, a rare earth magnet raw material, by overseas leading magnet companies and re-imported and sold through OEM (Original Equipment Manufacturer) methods."

On the 3rd, S-Mac acquired a 51% stake in GREL, the only domestic company possessing rare earth processing technology, for 5.2 billion KRW, securing the position of the largest shareholder.

So far, GREL is the only company promoting the supply of raw materials for rare earth magnets with the Indian Rare Earths Limited (IREL), a government-affiliated rare earth corporation under the Indian government. GREL is currently undertaking a comprehensive factory construction project that covers the entire value chain, including Nd oxide, Nd metal (raw materials for rare earth magnets), powder, alloys, and rare earth magnets.

An S-Mac official stated, "The rare earth business of GREL, which is being actively supported as a new growth business, has the potential to become the world's only supply source that breaks away from China's rare earth dependence, making it a business with a huge potential market. Currently, all procedures for establishing GREL's rare earth factory in India have been completed, with detailed design drawings approved, and recently, the contract for a factory site of approximately 7,300 pyeong has been finalized, so construction is planned to commence."

The company also plans to visit India soon to hold partnering meetings to finalize detailed sales routes for rare earth magnets.

India currently imports about 6,000 tons of rare earth magnets annually, accounting for approximately 5% of the global rare earth magnet market, entirely from foreign sources. As the Indian government implements electric vehicle supply policies aimed at solving environmental issues, the rare earth magnet market, which is used as a key raw material, is expected to grow more than tenfold within the next ten years.

This content was produced with the assistance of AI translation services.