Indian cos chart magnet supply chain plans

ET Bureau
The situation for the auto industry has deteriorated over the past few months as no Indian auto component or vehicle company has managed to get approval from the Chinese govt for procuring rare earth magnets.
As
Indian auto industry
faces a magnet supply crunch, following restrictions placed by China, a group of companies, including some homegrown advanced material entities, have come forward to build in-house supply chains.
The companies have made presentations to govt, including the heavy industries ministry, and assured building of supplies within India to reduce dependence on China. "The companies include
Midwest Advanced Materials
, Entellus Industries, and public sector Indian Rare Earths (IREL)," sources have told TOI.
The sources said that heavy industries secretary Kamran Rizvi has also taken presentations from companies as govt develops strategies for indigenous capabilities in magnet production.
"Midwest Advanced Materials made a presentation about their plans to produce
rare earth
magnets in India with a capacity of 500 tonnes per annum. They forecast that by end of 2026, they will be able to produce custom-made rare earth magnets for the industry," one of the sources said.
Entellus, a UK-headquartered company with primary operations in India, also made a presentation to govt, detailing their plans to produce rare earth magnets. "They have told officials that their plant is ready to produce the magnetic powder but will still take some time to produce industry-grade magnets," the source said.
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IREL, which was among the last to make its presentation, informed govt that once production begins, they will be able to match China's rates. "However, the company said that ore present in Indian geography is 100 times less than in China, the US, and Australia," the source said.
Companies also told govt that magnet production in India was shut down over the past two decades due to proliferation of cheaper Chinese supplies. "The industry members requested govt to support companies in setting up magnet production by providing incentives and monetary benefits," the source said.
Secretary Rizvi told the companies to make "realistic statements about magnet production" as potential customers in the auto sector will suffer due to incorrect assessments. The auto industry has also requested potential local producers to provide a firm timeline on supplies, if possible, emphasising that their production line depends on quick procurement.
The situation for the auto industry has deteriorated over the past few months as no Indian auto component or vehicle company has managed to get approval from the Chinese govt for procuring rare earth magnets. Also, there has been "no clarity as yet" on any timeline for a confirmed meeting with representatives of Chinese govt, despite intervention of Indian officials.
The applications for sourcing magnets have been filed mainly by parts manufacturers who provide fully-built sophisticated component assemblies such as speedometers, electric motors, e-axles, electric water pumps, automatic transmission kits, speakers, sensors, and ignition coils (used in engines).
The request for a meeting with Chinese representatives is being pursued not just by industry bodies of component makers (Auto Component Manufacturers Association) and vehicle manufacturers (Society of Indian Automobile Manufacturers), but also facilitated by officials in ministries.

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