Powering Up India: Sona Comstar's EV Magnet Revolution

Sona Comstar, India’s largest importer of rare earth magnets, has announced plans to localize the production of these critical components, widely used in electric vehicles (EVs). The decision comes in response to the Indian government’s proposed incentives aimed at boosting domestic manufacturing of strategic materials.

The move follows China’s recent export restrictions on rare earth magnets, which have disrupted global supply chains. Sona Comstar—formally known as Sona BLW Precision Forgings and headquartered in Gurgaon—is among the first Indian companies to make a formal commitment to local manufacturing following the policy shift.

Last year, the company imported 120 tonnes of magnets from China and plans to raise this to 200 tonnes in 2025 to meet the growing demand for EVs. While domestic mining and refining remain long-term goals, Sona Comstar is well-positioned financially, supported by a five-fold revenue increase over five years, reaching over Rs 3,340 crore (USD 400 million).

This initiative marks a key step toward reducing import dependency, strengthening India’s EV supply chain, and enhancing strategic self-reliance in advanced manufacturing.

News by Rahul Yelligetti.