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Mahindra Clarifies Rare Earth Strategy, Denies Collaboration with Uno Minda Amid Industry Buzz

Updated: July 14, 2025 11:50

Image Source: HT Auto
Mahindra & Mahindra Ltd has officially denied reports of a collaboration with Uno Minda for rare earth magnet production, despite growing speculation following government-led initiatives to localize critical mineral supply chains. The company emphasized its commitment to evaluating strategic growth opportunities independently, while acknowledging internal demand for rare earth components in its EV portfolio.
 
Key Highlights:
  • Mahindra stated it has no formal plans to partner with Uno Minda, countering recent media reports suggesting joint rare earth ventures.
  • The company confirmed it is actively exploring strategic options to secure rare earth magnets, including long-term supply contracts or standalone investments.
  • Mahindra’s interest stems from its expanding EV lineup, which includes two newly launched electric SUVs requiring high-performance magnets.
Industry Context:
  • India is pushing for domestic rare earth magnet production to reduce reliance on China, which controls 90 percent of global supply.
  • The government is considering a ₹25 billion incentive program and stockpiling strategy to support local manufacturing.
  • Uno Minda has separately expressed interest in magnet production, citing supply chain risks and demand from clients like Maruti Suzuki.
Outlook and Implications:
  • Mahindra’s clarification signals a cautious but proactive approach to securing critical inputs amid geopolitical and supply chain uncertainties.
  • Final investment decisions are expected to hinge on raw material access, government incentives, and technology partnerships.
Sources: Business Standard, Economic Times, Financial Express, Reuters, The Hindu BusinessLine, ET Auto (July 2025)

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