Vedanta and Hindustan Zinc Limited are among several companies expected to join a pre-bid conference for the government's ₹7,280 crore (approximately $880 million USD) scheme aimed at manufacturing rare earth permanent magnets. The scheme invites bids for a production capacity of 6,000 metric tonnes per annum.

• 01The government has launched a ₹7,280 crore scheme to boost rare earth magnet manufacturing.
• 02Vedanta and Hindustan Zinc Limited are potential participants in the bidding process.
• 03The pre-bid conference is scheduled for April 7, with bids due by May 28.
• 04The scheme targets a production capacity of 6,000 metric tonnes per annum.
• 05Technical bids will be opened on May 29, 2026.

This scheme could lead to increased domestic production of rare earth magnets, potentially lowering costs for industries reliant on these materials.