- At least 25 companies attended the pre-bid conference for the Rs 7,280 crore magnet scheme
- Government will select up to five entities to set up manufacturing facilities of 6,000 MTPA total
- Bidding process opened on March 20; technical bids to be opened on May 29, 2026
At least 25 companies, including JSW Group and NLC India, participated in a pre-bid conference for the Rs 7,280-crore scheme to promote the manufacturing of sintered rare earth permanent magnet called by the heavy industries ministry on Tuesday, sources said.
The government will select maximum of five entities through the bidding process, with each entity setting up facilities of up to 1,200 MTPA, aggregating to a total of up to a maximum capacity of 6,000 MTPA.
On March 20, the heavy industries ministry invited bids for setting up manufacturing facilities for 6,000 metric tonnes per annum (MTPA) of magnets under the scheme.
"The pre-bid conference organised by the Ministry of Heavy Industries (MHI) for prospective bidders for the 'Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet' has received wide participation and interest from at least 25 companies attending the conference," an official statement said.
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The heavy industries ministry came out with a request for proposal (RFP) for the selection of beneficiaries to establish integrated sintered NdFeB rare earth permanent magnet manufacturing units.
The pre-bid conference was held on April 7, while the bidding date is May 28. Technical bids will be opened on May 29, 2026.
"A detailed presentation was made to prospective bidders covering the Scheme contours, major provisions of RFP and procedural aspects of the bidding process. During the pre-bid conference, the queries raised by the prospective bidders were addressed. The participants were informed that the last date to submit their queries by way of e-mail (as per details provided in RFP) is 22nd April 2026," the Heavy Industries Ministry stated.
The participants were also informed that the bidding will be held online through a transparent two stage process, under the Least Cost System (LCS) mechanism through CPP Portal, it added.
Rare Earth Permanent Magnets are one of the strongest types of permanent magnets and are vital for electric vehicles, renewable energy, electronics, aerospace, and defence applications.
This Scheme is expected to play a key role in strengthening domestic manufacturing capabilities, reducing import dependence, and supporting the development of a robust and globally competitive REPM ecosystem in India.
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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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