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Mahindra, parts maker Minda eye local rare earths production to cut reliance on China, sources say

Economic Times

Economic Times · 1d ago

Mahindra, parts maker Minda eye local rare earths production to cut reliance on China, sources say

Indian companies Mahindra & Mahindra and Uno Minda are planning to produce rare earth magnets locally, reducing reliance on China. This move aligns with India's incentives to boost domestic manufacturing of these critical components essential for electric vehicles and electronics. With China controlling 90% of global rare earth magnet production and recent export restrictions, India is focusing on building local capacity. Government partnerships and incentives are crucial for overcoming challenges in raw material availability and production capabilities.

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India moves to conserve its rare earths, seeks halt to Japan exports, sources say

Economic Times

Economic Times · 28d ago

India moves to conserve its rare earths, seeks halt to Japan exports, sources say

India has instructed state-owned miner IREL to halt exports of rare earth elements to Japan, seeking to conserve the minerals for domestic use and reduce reliance on China. The rare earth materials, essential for producing electric vehicle motors, have been supplied under a 2012 agreement with Japan's Toyotsu Rare Earths India. With changes in global rare earth supply dynamics, India aims to bolster its domestic capabilities and negotiate the existing export agreements amicably.

Magnet crunch: Indian firms pitch supply chain plans to curb China’s rare earth dominance

Economic Times

Economic Times · 18d ago

Magnet crunch: Indian firms pitch supply chain plans to curb China’s rare earth dominance

Facing a rare earth magnet supply crunch due to China's export restrictions, Indian companies are proposing in-house magnet supply chains to the government. Midwest Advanced Materials and Entellus plan to produce locally, while Indian Rare Earths aims to match China's pricing. Dependence on Chinese imports has hindered past domestic magnet production. The government is considering a ₹3,500–5,000 crore incentive scheme to boost local production and reduce reliance on China for critical components.

National plan for key materials needed to secure EV future: Auto parts makers

Economic Times

Economic Times · 3d ago

National plan for key materials needed to secure EV future: Auto parts makers

Auto parts manufacturers in India are advocating for a national strategy to secure materials critical for the future of automobile manufacturing, including electric vehicles. This need arises as China's export restrictions on rare earths disrupt global supply chains. India, possessing adequate raw materials, could achieve self-sufficiency with processing centers. The auto parts industry saw a 10% revenue growth in FY25, driven by domestic demand and exports, showcasing India's manufacturing competitiveness.

India's rare earths riddle: No quick fix as China holds the magnetic key

Livemint

Livemint · 15d ago

India's rare earths riddle: No quick fix as China holds the magnetic key

India faces challenges in boosting its rare earths production due to China's export restrictions and dominance in the market. Efforts by India are hindered by issues like raw material availability, access to technology, and unviable import duties. Despite seeking to meet with Chinese officials and evaluate production incentives, IREL's acting chairman, S.B. Mohanty, indicates that local manufacturing of rare earth magnets remains constrained in the short to medium term.

How China is playing a twin-track game with India

Economic Times

Economic Times · 14d ago

How China is playing a twin-track game with India

China is exerting trade pressure on India by delaying or halting exports of rare earths, specialty fertilizers, and machinery, impacting India's tech and agricultural sectors. This strategic leverage reflects China's dominance in these critical supply chains. The obstructions serve as a geopolitical maneuver, possibly in response to India's restrictions on Chinese investments post-Galwan clash. India is diversifying its sources, but the short-term disruptions test its economic resilience while diplomatic dialogues continue.

InvAscent-backed Sharp Sight draws interest from PE investors, healthcare firms

VCCircle

VCCircle · 4m ago

InvAscent-backed Sharp Sight draws interest from PE investors, healthcare firms

Indian eye-care chain Sharp Sight Group of Eye Hospitals has attracted interest from both global and domestic private equity firms, as well as local strategic suitors. This comes as its current investor, InvAscent, a healthcare-focused private equity firm, considers potential investments. At least two sources confirmed the increased interest, reflecting the ongoing attractiveness of the healthcare sector. The development is significant for Sharp Sight as it looks to expand and enhance its services.

India to decide on rare earth magnet subsidy scheme within 20 days: Kumaraswamy

Economic Times

Economic Times · 17d ago

India to decide on rare earth magnet subsidy scheme within 20 days: Kumaraswamy

The Indian government will decide on a subsidy scheme for domestic production of rare earth magnets in 15-20 days, said Union Minister H D Kumaraswamy. Discussions with stakeholders are underway to determine the subsidy amount. A subsidy exceeding ₹1,000 crore requires Union Cabinet approval. A scheme valued at ₹3,500-5,000 crore is being finalized to boost rare earth mineral and magnet production, aiming to reduce reliance on Chinese imports and enhance local manufacturing capabilities.

We challenge OEMs to invest in India, compete with us: M&M's Anish Shah

Livemint

Livemint · 1y ago

We challenge OEMs to invest in India, compete with us: M&M's Anish Shah

Mahindra Group's CEO, Anish Shah, has thrown a challenge to global carmakers to invest in India and compete with local manufacturers like Mahindra in the electric vehicle (EV) segment. He expressed confidence in Mahindra's ability to compete with the best products in the market and highlighted the company's successful track record in India. Shah's comments come amidst speculation of an imminent import duty cut on EVs, which could attract foreign players to invest in the Indian market. Mahindra has already committed significant investments in its EV program and plans to launch five EVs by the end of 2024.

Auto sector pushes 3-step plan to cut China dependence for rare earth magnets

Economic Times

Economic Times · 29d ago

Auto sector pushes 3-step plan to cut China dependence for rare earth magnets

The Indian auto industry has proposed a three-step plan to reduce dependence on China for rare earth magnets, crucial for electric vehicles. This includes incentivizing local assembly and recycling, as well as securing supplies from countries like Australia and Vietnam. Industry leaders urge government engagement with China to ease export restrictions while developing downstream and upstream domestic processing capabilities. Tensions with China complicate the situation, though some approvals for European parts makers offer hope.

HDFC Bank plans to sell ₹10,000 crore of loans via rare debt instrument | Mint

Livemint

Livemint · 10m ago

HDFC Bank plans to sell ₹10,000 crore of loans via rare debt instrument | Mint

HDFC Bank, India's largest private lender, is planning to sell up to ₹10,000 crore ($1.2 billion) of loan portfolios through the use of pass-through certificates, a rare debt instrument. The bank aims to reduce its exposure to certain sectors and address challenges in raising deposits. Talks are underway with local asset managers including ICICI Prudential, Nippon Life India Asset Management, SBI Funds Management, and Kotak Mahindra Asset Management for the issuance of these certificates backed by a pool of the bank's car loans. The move will help improve HDFC Bank's credit-deposit ratio.

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