India plans to incentivize the domestic production of rare earth magnets with $290 million, which is reported to have attracted several corporate giants.

According to sources familiar with the matter, a plan proposed by India aimed at promoting domestic production of rare earth magnets has sparked initial interest from several large conglomerates in the country. Sources say the Indian government plans to offer incentives of up to 25 billion rupees to private companies producing these magnets. Billionaire Anil Agarwal's mining giant Vedanta Group, JSW Group led by Sajjan Jindal, and electric vehicle component manufacturer Sona BLW Precision Forgings Ltd. have all shown interest in the plan.