Sona Comstar to apply for India's rare earth scheme, seeks foreign tech partners

Sona Comstar will apply for the government’s rare earth scheme as either a primary or secondary applicant, Managing Director Vivek Vikram Singh told CNBC-TV18.

Singh said the company is the country’s largest

user of rare earth magnets but domestic manufacturers still rely heavily on foreign technology partners, with only “two to three” players in Japan and Germany producing such magnets outside China.

He added that China’s dominance in rare earths gives it significant leverage. “China’s leverage over rare earth brought the US to the negotiation table,” Singh said.

Only four Indian companies currently hold Chinese licences to import rare earth magnets, but the permitted quantities are “minuscule” and have not been supplied yet, he said.