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Domestic manufacturers are still heavily dependent on foreign technology partners for rare earth magnets, with only “two to three” players in Japan and Germany producing such magnets outside China.
Sona Comstar Managing director Vivek Vikram Singh told CNBC-TV18 that they will apply as a primary or secondary applicant for the government’s rare earth scheme.
Singh said the company is the largest user of rare earth magnets in the country, but domestic manufacturers are still heavily dependent on foreign technology partners, with only “two to three” players in Japan and Germany producing such magnets outside China.
He said China’s dominance in rare earths gives it a significant advantage. “China’s dominance of rare earths brought the US to the negotiating table,” Singh said.
He said only four Indian companies currently have Chinese licenses to import rare earth magnets, but the permitted quantity is “very small” and has not yet been supplied.