Overview

• Sona Comstar is finalizing investments to establish a domestic rare earth magnet production facility under India’s forthcoming incentive program.
• The company imported 120 metric tonnes of magnets in FY 2024 and plans to bring in 200 tonnes this year as it develops local manufacturing capacity.
• New Delhi is set to approve a Production Linked Incentive scheme within weeks to shore up magnet output and reduce reliance on Chinese exports.
• China controls over 90% of rare earth magnet processing and its April export curbs have created bottlenecks for EV component makers.
• New chairman Jeffrey Mark Overly will maintain strategic continuity following Sunjay Kapur’s sudden death as Sona Comstar expands into domestic magnet manufacturing.