Mahindra Denies Plans for Rare Earth Production with Uno Minda

Mahindra & Mahindra Ltd. has issued a clarification to stock exchanges denying reports about potential collaboration with Uno Minda for rare earth production. The company's statement, dated July 14, 2025, addressed an article published in the Economic Times on July 10 that suggested both companies were exploring local rare earth production to reduce dependence on China.

In its filing to the National Stock Exchange of India, BSE Limited, Luxembourg Stock Exchange, and London Stock Exchange, Mahindra stated that while it maintains a valued supplier relationship with Uno Minda, there are no ongoing discussions or plans to collaborate on rare earth production.

The company emphasized that it regularly evaluates strategic opportunities for business growth and expansion as part of its normal operations. However, Mahindra clarified that no material events or information currently require disclosure under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Rare earth elements are critical materials used in various automotive components, including electric vehicle batteries and motors. China currently dominates global rare earth production, leading many countries and companies to explore alternative supply sources to reduce dependency.

The clarification follows standard corporate practice when media reports contain speculation about potential business activities that could affect stock prices. Companies listed on multiple exchanges are required to provide timely clarification of market rumors to ensure investor transparency.

Mahindra confirmed its continued compliance with relevant disclosure norms under listing regulations and stated it would make appropriate disclosures in accordance with applicable laws when required. The letter was signed by Divya Mascarenhas, Interim Company Secretary of Mahindra & Mahindra Limited.