Larsen & Toubro planning to manufacture rare-earth magnets in India

•Larsen & Toubro plans to manufacture rare-earth magnets in India to reduce imports and loosen China's grip on the critical component.

•The company is preparing a bid for a ₹7,280 crore government incentive policy and will need a technology partner with expertise in high-precision engineering.

•L&T's move aligns with the government's initiative to build a domestic supply chain after China restricted exports of rare-earth magnets last year.

•The company aims to support its plan to build next-generation electric vehicle traction motors locally, partnering with Israel-based EVR Motors.