Companies that are interested in the production of magnets used in various strategic sectors must at least invest £200 Crore and incentives are likely to be 15% of the total investment, he said that the first of two cited officials who spoke of the state of anonymity.
“The target of 6,000 MTPA (a million tonnes per year) has been set by 2030 under the program. There have been seven companies, including Midwest (advanced materials in the Midwest), showed interest in the production of rare magnets in the system,” he added. This program will work under the Ministry of Heavy Industrial Trade Unions.
Incentives will be available for companies that provide the ability to produce an end-to-end, which means that manufacturers who get rare soils and process them into magnets will be entitled to incentives.
Magnets of rare soils are the strongest type of permanent magnets, made of alloys of rare soil elements, such as neonsmium-iron-Boron (NDFEB) and Samarium-Cobalt (SMCO). These powerful magnets are essential for compact, energy efficient devices such as electric vehicles, wind turbines and a number of electronics, defense and energy transition.
Other companies that have shown interest include Bharat Forge, Mahindra & Mahindra, JSW Group and Sona Comstar, the second official said.
Questions of E -mail to the Ministry of Union of Heavy Industries and Mines were not immediately answered. The JSW group refused to comment while Mahindra & Mahindra spokesman, Bharat Forge and Sona Comstar did not answer questions immediately on Wednesday evening. Midwest spokesman could not be reached immediately.
Currently, the state -owned Indian Rare Earths LTD (IREL) is the only rafiner of rare countries in India, with a capacity for production of about 1,500 tons of rare soil magnets per year.
The second official added that the Ministry of Finance approved the assignment £7 300 Crore for this program and now it would nod the Union’s cabinet.
According to the first official, the government plans to use £6 500 Crore for CAPEX incentives AA £800 crore for operating expenses.
Elements of rare soils, although abundant, but not easily found in large lying deposits, are known for their unique magnetic and luminescent properties. They are widely used in car engines and LED lights. China dominates the refinement and supply of 90% of heavy rare countries or those with higher atomic weights, according to estimates of an international energy agency.
China has begun to reduce the export of rare countries in April after the trade tension worsened with the US due to the tariffs deposited by President Donald Trump.
Chinese export curbs have triggered new international alliances. India teamed up with the hands of its Quad (Quadrilateral Security Dialogue) partners of the US, Japan and Australia to create a new alliance that will strengthen the offer of critical minerals and rare countries in the global economy and release the Chinese Chokehold about the commodity.
India also indicated the disruption of supplier chains on the global phase. Prime Minister Narendra Modi at the 17th Summit in July stressed that they would be reliable critical supplier chains of minerals and ensure that no country uses these resources for their own selfish profits or as a weapon against others.
“We must cooperate to create supplier chains for critical minerals and technologies safe and reliable. It is important to ensure that no country uses these resources for its own selfish profit or as a weapon against others,” Modi said.
India is working to increase the capacity of rare soils. The Ministry of the Union down is preparing a scheme with allocation approximately £1,500 Crore to support the refining of rare soils in the country.
India has about 7.23 Mt reserves of rare soils in coastal beaches, red sand and inland Aluvio in Andra Pradesh, Odisha, Tamil Nadu, Kerala, West Bengal, Jharkhand, Gujarat and Mahashtra, while another 1.29 MT in Gujarat and Rajasthan. First. However, the state Irel is the only refinement of critical minerals in the country.
Mint previously said that India could combine incentives aimed at making rare soil magnet to the level of local materials used because the government is trying to face curbs in Chinese supply.
(Tagstotranslate) Magnets of rare soils
