Centre Pushes Back Bid Deadline for ₹7,280-Crore Rare Earth Magnet Project

The Ministry of Heavy Industries has extended timelines for global tender under the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets (REPM) to widen participation, an official statement said on Wednesday.

The bid due date has been extended from July 29, 2026 to August 12, 2026 and the opening of technical bids rescheduled from July 30, 2026 to August 13, 2026, the statement from Ministry of Heavy Industries said.

The extension aims to facilitate wider participation and provide additional time for stakeholders in the bidding process, the ministry said.

The global tender was invited by the Ministry on March 20, 2026 for selection of manufacturers as beneficiaries under the REPM scheme to establish integrated rare earth permanent magnet manufacturing facilities in India.

The Union Cabinet approved the scheme on November 26, 2025 with a financial outlay of Rs 7,280 crore.

The scheme, a first-of-its-kind initiative, aims to establish a total capacity of 6,000 Metric Tons Per Annum (MTPA) of integrated Rare Earth Permanent Magnet manufacturing facilities in India, thereby enhancing self-reliance and positioning India as a key player in the global REPM market, the statement noted.

In this bidding process, prospective applicants can submit their bids to establish integrated sintered NdFeB REPM manufacturing facilities in India and can be eligible for availing capital subsidy as well as sales-linked incentives under the Scheme.

The bidding will be conducted online through a transparent Least Cost System (LCS) comprising two-stages (Technical Bid and Financial Bid) through Central Public Procurement (CPP) Portal.

Rare Earth Permanent Magnets are among the most powerful magnets in the world and are widely used in electric vehicles, wind turbines, high-end electronics, aerospace and defence systems. By building a complete value chain from NdPr oxide to finished magnets in India, the scheme is expected to significantly reduce import dependence in this sector.