New Delhi: China has kickstarted granting licences to import rare-earth magnets (REMs) into India, a report mentioned. Beijing’s move is expected to benefit the automobile industry and the business engaged in component manufacturing.

Business Standard reported that China is issuing rare earth export licences to companies including Jay Ushin, Indian units of German automotive component maker Continental AG, vendors of Mahindra, vendors of Maruti Suzuki, and suppliers of Honda Scooters and Motorcycles.

“Although it’s a slow start, China’s Ministry of Commerce has started processing and clearing the applications. Some companies have received necessary approvals. The process has now started,” Business Standard quoted an official as........

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