Gujarat Mineral Development Corporation Ltd, and NMDC Ltd are in focus today on the back of the government opening up and inviting bids for rare earth permanent magnet production.
GMDC shares are up over 11.5%, trading at Rs 596.15 apiece. NMDC, on the other hand is also trading over 3% at 11:20 am.
The government on Friday opened the bidding process to identify companies that will set up integrated facilities for producing rare earth permanent magnets under a Rs 7,280‑crore incentive programme approved last year.
The scheme, notified in December, is aimed at cutting India's dependence on China for key raw materials and strengthening supply chains for sectors such as electric mobility, electronics, aerospace and renewable energy. At the heart of the initiative is Neodymium‑Iron‑Boron (NdFeB), the alloy used to manufacture high‑strength permanent magnets crucial for motors, turbines and advanced electronic systems.
Under the programme, the Centre plans to develop a complete domestic ecosystem—from rare earth oxides to sintered NdFeB magnets—with an annual production capacity target of 6,000 metric tonnes. This value chain is considered essential for both industrial competitiveness and strategic technologies.
According to the Ministry of Heavy Industries, the selection will take place through a two‑stage Least Cost System involving separate technical and financial bids. The entire bidding process will be conducted online via the Central Public Procurement Portal. Tender documents became available on March 20, a pre‑bid meeting is scheduled for April 7, the deadline for submissions is May 28, and technical bids will be opened on May 29.
ALSO READ: Government Opens Bid For Rs 7,300-Crore Scheme For Rare Earth Magnets
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