Ministry of Heavy Industries Invites Bids for Rare Earth Magnet Manufacturing

The Ministry of Heavy Industries has issued a global tender to select beneficiaries for setting up integrated Sintered Rare Earth Permanent Magnet manufacturing facilities in India with a capacity of 6,000 MTPA. This initiative is part of the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet, approved by the Union Cabinet, with a financial outlay of ₹7,280 crore. The scheme provides a capital subsidy and sales-linked incentives to reduce import dependence and position India as a key player in the global market. Bidding will occur via a transparent Least Cost System through the CPP Portal.

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