The bid submission due date has been extended from May 28 earlier to June 29, while the opening of technical bids has been rescheduled from May 29 to June 30, 2026. The government’s response to queries from bidders will be issued on June 9.
The government, on March 20, invited bids for setting up manufacturing facilities for 6,000 metric tonnes per annum (MTPA) of magnets under the scheme.
The heavy industries ministry came out with a request for proposal (RFP) for the selection of beneficiaries to establish integrated sintered NdFeB rare earth permanent magnet manufacturing units.
On 26 November 2025, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet 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 tonnes 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.
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.