Larsen & Toubro joins ₹7,280 cr government rare-earth magnets scheme
Business
Larsen & Toubro (L&T) is jumping into the race for a big government scheme worth ₹7,280 crore ($764 million) to make rare-earth magnets in India.
These magnets are super important for things like electric vehicles, wind turbines, and electronics, and right now, China makes about 90% of them.
L&T to supply 500,000 2-wheeler motors
For L&T, this is a big move beyond their usual construction projects. They've already started working with Israel's EVR Motors on EV tech and recently landed a deal to supply 500,000 motors for two-wheelers.
The government's seven-year plan hopes to kickstart local production (targeting 6,000 metric tons annually) and cut down on imports from China.
The program has received 15 bids so far.