The Ministry of Heavy Industries has invited global bids for establishing integrated manufacturing facilities for sintered NdFeB rare earth permanent magnets, with a total capacity of 6,000 metric tonnes per annum, under the Scheme to Promote the Manufacturing of Sintered Rare Earth Permanent Magnets. The Ministry stated that the bidding process will be conducted online through a transparent two-stage Least Cost System on the Central Public Procurement Portal. Tender documents are available from today, while the last date for submitting bids is May 28th. Technical bids will be opened on May 29th, and a pre-bid conference is scheduled for April 7th.
It added that the scheme, approved by the Union Cabinet chaired by Prime Minister Narendra Modi in November last year, has a financial outlay of over 7,200 crore rupees. It aims to develop domestic manufacturing capacity for rare earth permanent magnets and strengthen India's position in the global market. Selected beneficiaries will be eligible for capital subsidies and sales-linked incentives under the scheme, along with a limited assured supply of raw materials from IREL (India) Ltd.
Rare Earth Permanent Magnets are critical components used in electric vehicles, wind energy, electronics, aerospace, and defense sectors. The initiative is expected to boost self-reliance and reduce import dependence in this strategic segment.