Mahindra plans 'engineering actions' to tackle magnet woes

New Delhi: Mahindra & Mahindra plans to manage rare earth magnet supplies through alternative sourcing channels for the next nine months and will pursue 'engineering efforts' to address the raw material shortage situation, according to a senior company executive.

The imposition of export restrictions by China on key rare earth magnets has resulted in supply chain bottlenecks. "Basis, all the actions we have taken, FY26 is more or less managed. We have to now work on some medium and long term actions," M&M Group CFO Amarjyoti Barua said.