As many as four Indian companies, including DE Diamond, Hitachi and Continental India, are learnt to have bagged permits to import Chinese rare earth magnets in what is the first set of clearances since Beijing imposed tight controls on the export of these magnets earlier in April. The clearances have been bagged by the Indian arms of some of these companies that supply equipment to the country’s automotive sector and are learnt to be subject to export controls and myriad other conditions. The permissions are conditional and not for all applications, industry sources indicated.

New restrictions on rare earth magnet and related materials from China that kicked in from April 4 have impacted automakers across the world, including vehicle manufacturers in India. EV makers here are particularl

See Full Page