Rare earth magnet scheme gets 20 bids; technical bids opened August 13

India has received 20 bids to build integrated rare-earth permanent magnet plants. The $7.74 billion scheme will create 6,000 metric tonnes per year of integrated REPM manufacturing capacity.

Ministry of Heavy Industries invited proposals on March 20, 2026 and opened technical bids on August 13, 2026. Companies including Larsen & Toubro, Coal India, ReNew, Attero Recycling, 20 Microns, Lohum Magnets & Energy Solutions, NEO Performance Materials of Singapore and Proterial India responded.

The scheme targets up to five beneficiaries, chosen through global competitive bidding. Each is eligible for up to 1,200 metric tonnes per year. Government support depends on actual manufacture and sale of magnets.

A report from Times Kuwait said India's critical-mineral strategy now focuses on value addition, processing and manufacturing, not just extraction. Government assessments found a gap between upstream capabilities and large-scale midstream and downstream manufacturing.