India, Aug. 14 -- Coal India and Larsen & Toubro are among 20 companies that have submitted bids under the Rs 7,280-crore scheme for setting up integrated Sintered NdFeB Rare Earth Permanent Magnet (REPM) manufacturing facilities in India, signalling strong industry interest in the government's push to build a domestic REPM manufacturing ecosystem. The Ministry of Heavy Industries (MHI) received 20 bids through a global tender on the central public procurement (CPP) portal for selection of manufacturers under the "Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM)". The technical bids were opened on August 13 in the presence of the bidders at MHI. Also Read - WPI inflation eases marginally to 9.78% in July; food, fuel and power prices cool Apart from Coal India Limited and Larsen & Toubro, the other bidders include 20 Microns, Attero Recycling, BaRupOn-IRP Consortium, Jay Fe Cylinders, Keystone Infra Pvt. Ltd-Huebox Interiors Pvt. Ltd. (JV), Lohum Magnets & Energy Solutions, Midwest Energy Limited-Midwest Advanced Materials (JV), N.A.N. Magnetech and NEO Performance Materials (Singapore) PTE. LTD. The remaining bidders are Nexon Geochem Private Limited, PrNd Metal and Magnets, Proterial (India) Ltd, Prozeal Green Energy, Ramp Metals & Minerals, Renew Private Ltd, Shankaranarayana Constructions, Solpro Greentech and Starteck Finance. Also Read - India's exports surge 19.6% in July, trade deficit widens to $31.98 billion The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the "Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM)" on November 26, 2025, with a financial outlay of Rs 7,280 crore. The scheme notification was issued by MHI on December 15, 2025. The Request For Proposal (RFP) was floated on the CPP portal on March 20, 2026, and the pre-bid conference was held on April 7, 2026. The last date for receiving bids was August 12, 2026. The first-of-its-kind scheme 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. Also Read - PV dispatches rise to 4,57,810 units in July The scheme envisions allocating the total capacity to five beneficiaries through a global competitive bidding process. Each beneficiary will be allotted up to 1,200 MTPA of capacity. The total duration of the scheme will be 7 years from the date of award, including a 2-year gestation period for setting up an integrated REPM manufacturing facility, and 5 years for incentive disbursement on the sale of REPM. 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 (Neodymium-praseodymium) oxide to finished magnets in India, the scheme is expected to significantly reduce import dependence in this sector.
Published by HT Digital Content Services with permission from Millennium Post.