A proposed plan by India to spur local production of rare-earth magnets has drawn initial interest from a clutch of large conglomerates, people familiar with the matter said, as the country seeks to cut its reliance on China for these vital electric-vehicle and wind-turbine materials.
The Indian government is planning an incentive program worth as much as 25 billion rupees ($290 million) for private sector firms manufacturing these magnets, said the people, who asked not to be named as the details are not public.
Billionaire Anil Agarwal’s mining giant Vedanta Group, Sajjan Jindal-led JSW Group and EV parts maker Sona BLW Precision Forgings are among those who have shown keenness in this initiative.
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