Permanent Magnets unit forms joint venture to boost product portfolio

Permanent Magnets Limited (PML) announced that its wholly-owned subsidiary, Quantum Magnetics Private Limited (QMPL), has signed a Joint Venture Agreement with Lorentic Pte. Ltd. (Lorentic). The agreement, approved by PML's board of directors on August 28, 2025, will result in QMPL ceasing to be a wholly-owned subsidiary upon the allotment of equity shares to Lorentic.

The joint venture aims to focus on the manufacturing, marketing, and distribution of neodymium magnets and related magnetic assemblies, alongside collaboration on research and development of advanced magnetic products. The shareholding structure of the JV will be 49.02% for Lorentic, 49.02% for PML, with 1.96% reserved for ESOP. The JV partners will have equal participation in the board of directors and decision-making for the joint venture entity.

QMPL, incorporated on May 31, 2023, reported a turnover of Rs. 5.51 Cr for FY 24-25 and Rs. 0.008 Cr for FY 23-24. This strategic collaboration is expected to expand QMPL's product portfolio, strengthen R&D capabilities, enhance market reach (including international markets), and improve competitiveness.