Larsen & Toubro is planning to bid for Indias incentives to manufacture rare-earth magnets domestically, people familiar with the matter said. The move would mark a new business for the engineering giant as India seeks to reduce dependence on China, which controls about 90% of global rare-earth magnet production.

Firms question drive for small end-to-end plants over large-scale specialization

Larsen & Toubro is planning to bid for Indias incentives to manufacture rare-earth magnets domestically, people familiar with the matter said. The move would mark a new business…