Shares of Permanent Magnets Limited surged over 7% on Thursday after the company announced that its wholly owned subsidiary, Quantum Magnetics Private Limited (QMPL), has entered into 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, with both domestic and global market scope.
The shareholding structure of the joint venture will be:
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Lorentic: 49.02%
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Permanent Magnets (through QMPL): 49.02%
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Reserved for ESOP: 1.96%
Both partners will have equal say in decision-making, including representation on the board of directors.
Financials and size of QMPL
Quantum Magnetics was incorporated in May 2023 and has reported the following turnover:
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FY24-25: ₹5.51 crore
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FY23-24: ₹0.008 crore
Details regarding financial consideration of the JV will be disclosed later.
Strategic rationale
The company stated that the joint venture will enable Quantum Magnetics to expand its product portfolio, enhance R&D capabilities, and strengthen competitiveness globally. The collaboration is expected to create a strong supply chain for high-demand neodymium magnets and deliver long-term value for stakeholders.
