Around 25 companies attend government pre-bid meet; bidding deadline set for May 28.
The Government’s plan to build a domestic rare earth magnet manufacturing industry is slowly moving ahead and companies are showing early interests.
The Ministry of Heavy Industries (MHI) on April 7 held a pre-bid conference in New Delhi for its scheme to promote manufacturing of sintered NdFeB rare earth permanent magnets (REPM). Around 25 companies participated in the meeting, showing initial traction for the scheme.
Officials shared details about the eligibility criteria, bidding process and project requirements. Queries raised by companies were also discussed during the session. The ministry has allowed companies to send further questions till April 22.
The scheme has a total outlay of ₹72.8 billion and aims to set up integrated manufacturing facilities in India with a total capacity of 6,000 metric tonnes per annum (MTPA).
Bidding will be done online through a two-stage process comprising of technical and financial bids. The bids will be assessed under the Least Cost System (LCS) on the CPP portal. The last date to submit bids is May 28, 2026.
The government plans to select up to five companies. Each selected company can set up capacity of up to 1,200 MTPA.
This scheme was approved by the Union Cabinet in November 2025 to reduce India’s dependence on imports of rare earth magnets. These magnets are important for sectors like electric vehicles, renewable energy, electronics, aerospace and defence.
The idea is to build a full value chain in India, starting from rare earth materials to finished magnets.
For official Govt website and bidding information and other details, read the previous article on this development from EFY here.
