New Delhi: The Ministry of Heavy Industries has issued a global tender to select beneficiaries for setting up integrated Sintered Rare Earth Permanent Magnet (REPM) manufacturing facilities with a total capacity of 6,000 MTPA under the government’s scheme to promote domestic production of rare earth magnets.

The bidding will be conducted online through the Central Public Procurement (CPP) Portal using a transparent two-stage Least Cost System (technical and financial bids). Tender documents are available from March 20, 2026, the last date for bid submission is May 28, 2026, and technical bids will be opened on May 29, 2026. A pre-bid meeting is scheduled for April 7, 2026.

The scheme, approved by the Union Cabinet on November 26, 2025, has a total outlay of ₹7,280 crore and aims to build domestic capacity for rare earth permanent magnets to reduce import dependence and strengthen India’s position in the global market.

Each selected company will be allotted 600–1,200 MTPA capacity, with provisions for ₹750 crore capital subsidy and ₹6,450 crore sales-linked incentives. Limited assured supply of NdPr oxide will be provided by IREL (India) Ltd. to the three lowest bidders.

Rare earth permanent magnets are critical for electric vehicles, wind turbines, electronics, aerospace and defence, and the scheme aims to develop the complete manufacturing value chain within India.