New Delhi, March 20 -- India launched a Rs.7,280-crore incentive programme, with a request for proposal (RFP), for bidders to build five rare-earth magnet plants to secure its critical mineral supply chain. The scheme aims to build local capacity for a crucial component used in sectors such as defence, electronics, renewable energy, and automobiles.

Prospective applicants can submit their bids to establish integrated sintered neodymium-iron-boron (NdFeB) magnet manufacturing facilities in India and can be eligible for availing capital subsidy as well as sales-linked incentives under the government's rare earth permanent magnet (REPM) scheme, the ministry said in a statement.The scheme provides a capital subsidy of Rs.750 crore for settin...