25 Companies Bid for Rs 7,280-Crore Rare Earth Magnet Manufacturing Scheme in India
JSW Group, NLC India among 25 companies in pre-bid meet for Rs 7,280-cr rare earth magnet scheme: Sources
The Economic Times
Image: The Economic Times
A pre-bid conference for India's Rs 7,280-crore scheme to manufacture rare earth permanent magnets attracted 25 companies, including JSW Group and NLC India. The government plans to select up to five entities to establish facilities with a combined capacity of 6,000 metric tonnes per annum, aiming to boost domestic manufacturing and reduce import reliance.
- 0125 companies participated in the pre-bid conference for the rare earth magnet scheme.
- 02The scheme has a total budget of Rs 7,280 crore (approximately $880 million USD).
- 03Up to five entities will be selected to set up facilities with a capacity of 6,000 MTPA.
- 04The bidding process will conclude on May 28, 2026.
- 05The initiative aims to strengthen India's manufacturing capabilities and reduce import dependence.
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On April 7, 2026, a pre-bid conference organized by India's Ministry of Heavy Industries attracted 25 companies, including JSW Group and NLC India, for a Rs 7,280 crore (approximately $880 million USD) scheme aimed at manufacturing sintered rare earth permanent magnets. The government intends to select a maximum of five entities to establish facilities with a combined capacity of 6,000 metric tonnes per annum (MTPA). The bidding process is set to conclude on May 28, 2026, with technical bids to be opened the following day. This initiative is expected to enhance domestic manufacturing capabilities, reduce reliance on imports, and foster a competitive ecosystem for rare earth permanent magnets in India, which are crucial for sectors such as electric vehicles, renewable energy, and defense.
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The scheme is expected to create jobs in manufacturing and related sectors, while also reducing the cost of rare earth magnets in the domestic market.
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