25 Firms Attend Pre-Bid Meet for ₹7,280 Crore Rare Earth Magnet Scheme; JSW Group, NLC India Among Participants

The Ministry of Heavy Industries has set May 28, 2026, as the deadline for submitting bids under the ₹7,280 Crore scheme for Rare Earth Magnet manufacturing. As per PTI reports, technical bids will open on May 29, 2026. 

The bidding will be conducted online through a 2-stage process under the Least Cost System (LCS) on the CPP Portal. Companies have been asked to submit queries by April 22. 

Participation at Pre-Bid Meeting 

Around 25 companies attended the pre-bid conference held on April 7. The list included JSW Group, NLC India, Vedanta and Hindustan Zinc Ltd. 

Officials presented details of the scheme, including eligibility conditions, bidding structure, and operational requirements. Queries raised by participants were addressed during the session. 

Capacity and Project Scope 

The scheme proposes a total production capacity of 6,000 Metric Tonnes Per Annum (MTPA) of sintered rare earth permanent magnets. Up to 5 entities will be selected. 

Each selected bidder can establish facilities with a capacity of up to 1,200 MTPA. The units are expected to be integrated plants focusing on NdFeB magnet production. 

Industry Use and Demand 

Rare earth permanent magnets are used across electric vehicles, renewable energy systems, electronics, aerospace, and defence. These magnets are valued for their strength and efficiency in high-performance applications. 

Demand for such materials has increased alongside growth in clean energy and advanced manufacturing sectors. 

Policy Objective 

The scheme follows the request for proposal issued on March 20 to invite bids for setting up manufacturing facilities. It is for expanding domestic production and reducing reliance on imports in this segment. 

The programme also seeks to develop a local ecosystem for rare earth processing and magnet manufacturing. 

Read More: RBI Keeps FPI Debt Limits Unchanged, Increases Investment Ceiling for FY27! 

Conclusion 

The process has moved from consultation to bidding, with timelines in place for submission and evaluation of proposals in the coming weeks. 

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