Established in 1950, Indian Rare Earths Limited (IREL) was incorporated as a private limited company, jointly owned by the Government of India and Government of Travancore, Cochin. IREL operates with the primary intention of taking up commercial scale processing of monazite sand at its first unit namely Rare Earths Division (RED), Aluva, Kerala for the recovery of thorium. With 65 years of experience, IREL makes a minimum $7 Million profit every since 2013 and have multiplied their areas of concentration by introducing new research elements like ilmenite, rutile, zircon, sillimanite, and garnet.