Mahindra & Mahindra Denies Rare Earth Tie-Up Talks With Uno Minda

Mahindra & Mahindra Ltd. on Monday denied reports of any discussions or collaboration with Uno Minda Ltd. for the production of rare earth materials. The clarification came in response to a news article published by The Economic Times, which claimed that the two companies were exploring local rare earth production to reduce dependence on China.

In a suo motu exchange filing, M&M said, “The company has not had any discussions with Uno Minda nor does it have any plans to collaborate with them on rare earth production.” It added that while it regularly evaluates strategic opportunities for growth and expansion, no such proposal is under consideration.