Larsen & Toubro Ltd. plans to manufacture rare-earth magnets in India, according to people familiar with the matter. This strategic move comes as the engineering giant seeks to capitalize on a growing government push to reduce reliance on imports.

By developing local production, the company aims to help loosen China’s stranglehold over this critical industrial component. This shift aligns with broader efforts to secure supply chains for essential technologies.

As a major player in the engineering sector, Larsen & Toubro Ltd. is positioning itself to lead in the production of high-demand materials. This initiative is part of a larger trend to bolster India's domestic manufacturing capabilities for strategic resources.