The Centre has extended the bid submission deadline for its Rs 7,280-crore scheme to promote domestic manufacturing of rare earth permanent magnets, with the new deadline set for June 29.
The decision, taken by the Ministry of Heavy Industries, follows representations from industry stakeholders seeking additional time to prepare and submit proposals under the global tender process.
The scheme is aimed at developing integrated manufacturing facilities for sintered rare earth permanent magnets (REPM), a critical component used in sectors such as electric vehicles, electronics, defence and renewable energy.
Originally, bids were scheduled to close on May 28, with technical evaluations to follow shortly after. Under the revised timeline, technical bids will now be opened on June 30, and responses to bidder queries are expected by June 9.
The initiative, approved with a total outlay of Rs 7,280 crore, includes a capital subsidy component as well as sales-linked incentives to encourage domestic production and reduce reliance on imports of critical materials.
The government aims to establish an annual production capacity of 6,000 metric tonnes of rare earth magnets through the scheme, with selected companies expected to set up integrated manufacturing units across the country.
Industry experts note that extending the deadline could improve participation and enhance the quality of bids, particularly in a sector that requires significant capital investment and advanced technological capabilities.
The push to develop domestic manufacturing capacity comes amid global supply chain concerns, as rare earth magnets are largely dominated by a few countries, making them strategically important for industrial and technological development.
The scheme is part of broader efforts to strengthen India’s position in critical minerals and advanced manufacturing, while reducing vulnerability to external supply disruptions. |
