Permanent Magnets Limited (PML) has announced that its wholly owned subsidiary, Quantum Magnetics Private Limited (QMPL), has signed a Joint Venture Agreement with Lorentic Pte. Ltd. The development was approved at the company’s board meeting on August 28, 2025.
Details of the JV
Under the agreement, QMPL will set up plants for manufacturing and assembling neodymium magnets and related magnetic assemblies. The venture will also focus on research and development of advanced magnetic products. The partnership has both domestic and international scope, allowing the company to expand market reach globally.
The shareholding structure of the joint venture has been defined as:
-
Lorentic – 49.02%
-
PML – 49.02%
-
Reserved for ESOP – 1.96%
Both partners will have equal participation in decision-making, including representation on the board of directors of the new entity.
Financials and size of QMPL
Quantum Magnetics was incorporated in May 2023 and has reported turnover of:
-
FY24-25: ₹5.51 crore
-
FY23-24: ₹0.008 crore
Details of the financial consideration for the JV will be disclosed in due course.
Strategic rationale
According to the company, the JV will enable Quantum Magnetics to expand its product portfolio, enhance R&D, strengthen competitiveness, and capture a larger share of international markets. The collaboration is expected to deliver long-term value for stakeholders by creating a robust supply chain for high-demand neodymium magnets.
