L&T Targets Rare-Earth Magnets in Rs 7,280-Crore Bid

Engineering heavyweight Larsen & Toubro (L&T) is positioning itself in India’s high-tech manufacturing landscape by eyeing production of rare-earth permanent magnets. Capitalizing on a lucrative Rs 7,280-crore government incentive scheme—which has already attracted 15 bids, including international consortia—L&T plans to leverage specialized technology partnerships. This strategic pivot not only broadens the company's industrial footprint but also secures a vital component pipeline for its burgeoning electric vehicle (EV) ambitions, contributing to India's target of 6,000 tonnes of annual local production.

News by Rahul Yelligetti.