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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