Permanent Magnets Limited has announced that its wholly owned subsidiary, Quantum Magnetics Private Limited (QMPL), has entered into a joint venture agreement with Singapore-based Lorentic Pte. Ltd. The agreement was approved by the board of Permanent Magnets Limited on 28 August 2025.
The venture will focus on manufacturing, marketing and distributing neodymium magnets and related magnetic assemblies. It also includes collaboration on research and development of advanced magnetic products. The operations will cover both domestic and international markets.
Under the joint venture structure, QMPL will no longer remain a wholly owned subsidiary of Permanent Magnets Limited once equity shares are allotted to Lorentic. The proposed shareholding pattern will give Lorentic 49.02 percent and Permanent Magnets Limited 49.02 percent, with 1.96 percent reserved for an employee stock option plan. Both partners will have equal representation on the board of directors and equal decision-making rights in the operations of the new entity.
QMPL, incorporated in May 2023, reported a turnover of INR 55.1 million in the financial year 2024-25, compared with INR 0.08 million in 2023-24. Financial details of the joint venture agreement will be provided at a later stage.
The joint venture will enable QMPL to expand its product portfolio, strengthen R&D capabilities, enhance market reach, including international markets, and improve competitiveness, creating long-term strategic value for all stakeholders.
Permanent Magnets Limited, headquartered in Thane, Maharashtra, manufactures permanent magnets and related products. Its subsidiary QMPL was established to expand into specialised magnetic solutions.