Mahindra, Minda Eye Local Magnet Production

Automaker Mahindra & Mahindra and parts maker Uno Minda are looking to make rare earth magnets locally to cut reliance on China, as India draws up incentives for production of the critical components, company and government sources told Reuters.

- Aditi Shah & Neha Arora

China, which produces around 90% of the world's rare earth magnets, put restrictions in April on their export, and while it has restarted some supplies to the United States and Europe, Indian companies are still awaiting clearance from Beijing.