Mumbai, July 18 -- GMDC is reportedly keen on entering the rare earth and critical minerals sector, considering it a potential value driver due to its applications in electric vehicles and renewable energy. Although formal details have not been disclosed, the company has reportedly allocated Rs 3,000-4,000 crore for critical mineral projects.

This development follows industry concerns about supply disruptions, as several companies flagged informal restrictions by China on rare earth exports. In response, the government is reportedly considering a Rs 1,345 crore incentive scheme to support domestic rare-earth magnet manufacturing and may relax motor import norms to mitigate production risks in the automotive sector.

GMDC's board will con...