India receives 20 bids for rare earth magnet manufacturing scheme

India's Ministry of Heavy Industries has received 20 bids through a global tender for the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM). The initiative aims to establish a total domestic manufacturing capacity of 6,000 Metric Tons Per Annum (MTPA) of integrated facilities. The capacity will be divided among five selected beneficiaries, with each receiving up to 1,200 MTPA.

Key bidders include Larsen & Toubro, Coal India, ReNew, Attero Recycling, 20 Microns, Lohum Magnets & Energy Solutions, NEO Performance Materials (Singapore), Proterial (India), and Prozeal Green Energy.

The scheme, approved by the Union Cabinet with a financial outlay of Rs 7,280 crore, seeks to build a complete value chain from NdPr oxide to finished magnets. This is intended to reduce import dependence and secure supply chains for critical sectors such as electric vehicles, wind turbines, aerospace, defense, and high-end electronics, while supporting India's Net Zero 2070 commitment.