Japan’s Bain-Backed Proterial Eyes India Rare Earth Magnet Plan

Japan’s Proterial Ltd. is exploring participation in India’s new incentive program to spur local production of rare earth magnets in a boost for New Delhi’s effort to reduce dependence on imports from China.

The Tokyo-based company, owned by a Bain Capital-led consortium, “is considering applying for the Indian government’s support scheme for rare earth magnets manufacturing,” it said in response to a query from Bloomberg News. It declined to provide further details.