New Delhi : The Ministry of Heavy Industries (MHI) held a pre-bid meeting on April 7, 2026, in India Habitat Centre, which saw strong interest from around 25 companies. The meeting was related to a new scheme to promote the manufacturing of Rare Earth Permanent Magnets (REPM) in India.
Earlier, the Ministry had invited bids on March 20, 2026, to set up manufacturing units with a total capacity of 6,000 tonnes per year, with a budget of ₹7,280 crore.
During the meeting, officials explained the scheme details, bidding process, and answered questions from interested companies. Participants were told they can submit their queries until April 22, 2026, and the final date to submit bids is May 28, 2026.
The selection will be done through an online, transparent two-stage process. Up to five companies will be selected, and each can set up a facility with a capacity of up to 1,200 tonnes per year.
Rare Earth Permanent Magnets are very important for industries like electric vehicles, renewable energy, electronics, aerospace, and defence.
This scheme aims to boost domestic manufacturing, reduce dependence on imports, and help India build a strong and competitive ecosystem in this critical sector.