India Approves Rs 72.8 Billion Rare Earths Manufacturing Program Amid Rising EV Demand
India has approved a Rs 72.8 billion program to manufacture rare earth permanent magnets, driven by the growing demand for electric vehicles and clean energy technologies. This initiative aims to reduce reliance on imports for essential materials used in sectors such as aerospace, defense, and renewable energy. Additionally, companies like NLC India and Eco Recycling are exploring mining opportunities and expanding recycling capacities to further decrease dependence on critical minerals.
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Demand for rare earths in India is increasing due to a rise in electric vehicle (EV) registrations, with 1.96 million EVs registered in FY25, and needs for clean energy technologies like wind turbines. The Indian government has approved a Rs 72.8 billion rare earth permanent magnets manufacturing program to reduce import reliance for materials crucial to sectors such as EVs, aerospace, defense, and renewable energy.
Owais Metal and Mineral Processing reported revenues of Rs 1,230 million for H1 FY26 and aims for improved performance. NLC India, focusing on lignite mining and thermal power, is exploring lithium, copper, and cobalt mining opportunities in Mali and the Republic of the Congo.
The company signed an MOU with Gujarat for renewable energy projects, targeting 10 GW capacity by 2030. Eco Recycling is expanding its lithium-ion battery recycling capacity and aims to reduce import dependence for critical minerals.
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