Mahindra & Mahindra (M&M), the largest SUV company of India is planning to meet the supply of rare earth magnets through alternative sources.
New Delhi: In a significant news update for the Indian industry, Mahindra & Mahindra, an Indian automobile manufacturing company has secured an alternative source of rare earth magnets. Ending a nine-month supply concern caused by China’s export control curbs, the country’s largest SUV company is planning to meet the supply of rare earth magnets through alternative sources for the next 9 months. Notably, the massive decision comes at a time when the automobile industry is facing a huge shortage of rare earth magnets due to China’s restrictive export policy on rare earth minerals.
How is Mahindra & Mahindra (M&M) planning to source rare earth minerals?
“Based on the steps we have taken, preparations for the financial year 2025-26 are almost complete. Now we have to work for the medium and long term”, Amarjyoti Barua, Chief Financial Officer, Mahindra & Mahindra (M&M) Group was quoted as saying by a report carried by TV9 Hindi.
“But considering our development plans, we will now have to move beyond small measures and prepare on a larger scale. For this, more hard work will have to be done in the field of engineering”, he added on the plans of Mahindra & Mahindra (M&M) Group.
How India is doubling down on domestic production of critical minerals?
In order to boost domestic production and reduce India’s dependence on imported lithium, cobalt and other key materials required for EV batteries, the government has taken several significant steps, including the National Critical Mineral Mission (NCMM) and enhancing the exploration of critical minerals.
As per a report by IANS news agency, the Union Cabinet approved the launch of NCMM for a period of seven years from 2024-25 to 2030-31, with a proposed expenditure of Rs 16,300 crore and an expected investment of Rs 18,000 crore by Public Sector Undertakings (PSUs) and other stakeholders.
How much Rare Earth Elements does India have?
Notably, India has approximately 7.23 million tonnes (MT) of Rare Earth Elements Oxide (REO) contained in 13.15 MT monazite (a mineral of Thorium and Rare Earths) occurring in the coastal beach, teri and red sand and inland alluvium in parts of Andhra Pradesh, Odisha, Tamil Nadu, Kerala, West Bengal, Jharkhand, Gujarat and Maharashtra, while another 1.29 MT rare earths are situated in hard rocks in parts of Gujarat and Rajasthan.
(With inputs from agencies)
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