New Delhi: Three Indian companies have received the country’s first licences to import rare earth magnets from China, reports said on Thursday. It is being said that certain conditions have been laid down for the import of the rare earth magnets from the neighbouring country, which controls around 90 per cent of such products.

Continental India, Hitachi, Jay Ushin have been awarded the contracts to import access rare earth magnets to India, reports stated. Notably, these companies supply materials to Maruti.

China’s conditions for export of rare earth materials

China gave its nod to export the resources after it was agreed upon that the imported rare earth magnets will not be exported to the US or used for defence purposes.

Rare earth magnets have turned to be very crucial as they are

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