Market Chatter: Reliance, Vedanta, Adani Eye Andhra Pradesh Rare Earth Processing Projects

MT Newswires Live06-12

Reliance Industries (NSE:RELIANCE, BOM:500325), Vedanta (NSE:VEDL, BOM:500295) and Adani Group have expressed interest in setting up rare earth processing facilities in Andhra Pradesh, India, Reuters reported on Thursday, citing people familiar with the matter.

The companies are among about 10 firms exploring opportunities in the state, the report noted.

Reuters said Andhra Pradesh is seeking cabinet approval for its proposed rare earth corridor policy, which is expected within a month. The state will reportedly invite bids for such projects after securing cabinet approval.

The move comes as India seeks to strengthen domestic rare earth processing capabilities and reduce reliance on imports of critical minerals, Reuters reported.

Rare earth elements are key inputs in permanent magnets used in electric vehicles and various industrial applications.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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