New Delhi: The government on Friday extended the deadline for the global tender under its Rs 7,280-crore scheme to promote domestic manufacturing of sintered rare earth permanent magnets (REPM), citing the need for broader participation and more time for stakeholders in the bidding process.
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The bid submission deadline has been moved from May 28 to June 29, with the opening of technical bids rescheduled from May 29 to June 30, 2026. The government will respond to queries raised by bidders on June 9.
The heavy industries ministry had on March 20 floated a request for proposal (RFP) for the selection of beneficiaries to set up integrated sintered NdFeB rare earth permanent magnet manufacturing units with a combined capacity of 6,000 metric tonnes per annum (MTPA).
The Union Cabinet, chaired by Prime Minister Narendra Modi, had approved the scheme on November 26, 2025, with a financial outlay of Rs 7,280 crore. Described as a first-of-its-kind initiative, the scheme aims to build end-to-end rare earth permanent magnet manufacturing capacity in India — from NdPr oxide to finished magnets — to reduce import dependence and position India as a significant player in the global REPM market.
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Rare earth permanent magnets are among the most powerful magnets in the world and are critical components in electric vehicles, wind turbines, high-end electronics, and aerospace and defence systems. Establishing a complete domestic value chain in this sector is seen as central to India's broader push for self-reliance in advanced manufacturing.