New Delhi, Mar 20 (PTI): The government on Friday invited bids for setting up manufacturing facilities for 6,000 metric tonnes per annum (MTPA) of magnets under the Rs 7,280-crore Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet.
The heavy industries ministry has issued a request for proposal (RFP) for selection of beneficiaries to establish integrated Sintered NdFeB Rare Earth Permanent Magnet manufacturing units.
The pre-bid conference will be held on April 7 while the bid due date is May 28. Technical bids will be opened on May 29, 2026.
The bidding process will be conducted online through the Central Public Procurement (CPP) Portal using a transparent Least Cost System (LCS), comprising a two-stage process -- technical and financial bids.
The scheme, approved by the Cabinet chaired by Prime Minister Narendra Modi last November, seeks to establish a total manufacturing capacity of 6,000 MTPA of integrated REPM facilities in the country.
Under the scheme, selected beneficiaries will be eligible for capital subsidies and sales-linked incentives. Each beneficiary will be allocated capacity ranging between 600 MTPA and 1,200 MTPA in multiples of 100 MTPA.
The government has allocated Rs 750 crore towards capital subsidy and Rs 6,450 crore toward sales-linked incentives. Additionally, the three lowest bidders will be provided limited assured supply of NdPr oxide from IREL (India) Ltd., ensuring access to key raw materials.
Rare earth permanent magnets, particularly NdFeB magnets, are critical components used in electric vehicles, wind turbines, advanced electronics, aerospace and defence applications.
The initiative is expected to help develop a complete domestic value chain -- from NdPr oxide processing to finished magnet production -- reducing import dependence on China and positioning India as a significant player in the global rare earth magnet market.
(PTI)
This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.