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The Economic Times

Economy / The Economic Times

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L&T plans to manufacture rare-earth magnets in India to challenge Chinas dominance

Larsen & Toubro is planning to bid for Indias incentives to manufacture rare-earth magnets domestically, people familiar with the matter said. The move would mark a new business for the engineering giant as India seeks to reduce dependence on China, which controls about 90% of global rare-earth magnet production.

11 Aug 2026 1:10 pm