The government has revised the bidding schedule for its ₹7,280 crore incentive scheme aimed at developing domestic manufacturing capacity for sintered rare earth permanent magnets, giving interested companies additional time to participate in the global tender process, as per the PTI report.
Under the updated schedule, the last date for bid submissions has been extended to June 29, 2026, from the earlier deadline of May 28.
The opening of technical bids has also been pushed to June 30, 2026, instead of May 29. In addition, the government will issue responses to bidder queries on June 9.
The extension has been introduced to improve participation levels and provide stakeholders more time to complete the bidding process under the programme.
The initiative is being implemented by the Ministry of Heavy Industries, which had originally invited bids on March 20, 2026, for establishing integrated rare earth permanent magnet manufacturing facilities.
The programme aims to establish manufacturing capacity of 6,000 metric tonnes per annum (MTPA) for sintered NdFeB rare earth permanent magnets in India.
The ministry had released a Request for Proposal (RFP) seeking eligible beneficiaries for setting up integrated manufacturing units under the scheme.
The ₹7,280 crore programme was approved by the Union Cabinet on November 26, 2025, under PM Narendra Modi.
The government has described the initiative as a first-of-its-kind effort designed to strengthen India’s self-reliance in strategically important rare earth magnet manufacturing.
Rare earth permanent magnets are widely used across sectors such as electric vehicles, wind turbines, aerospace systems, high-end electronics and defence equipment due to their strong magnetic properties.
Through the scheme, India plans to develop an integrated domestic value chain beginning from NdPr oxide processing to production of finished magnets.
The government expects the programme to reduce import dependence in a sector considered critical for clean energy technologies, mobility solutions and advanced industrial manufacturing.
The initiative also supports India’s broader strategy of building local manufacturing capabilities in sectors linked to energy transition and strategic technologies.
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The extension of bidding timelines under the rare earth magnet scheme reflects the government’s push to attract broader industry participation while accelerating India’s efforts to build a domestic rare earth manufacturing ecosystem.
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Published on: May 18, 2026, 9:08 AM IST
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