Government extends deadline for rare earth magnet manufacturing tender

The Ministry of Heavy Industries has extended timelines for global tender under the rare earth permanent magnet incentive scheme. An official statement said this is a response to demand for same by multiple stakeholders.

The Bid Due Date has been extended by a month from June 29 to July 29. Technical bids will also be opened a month later on July 30.

The global tender was invited by the Ministry on March 20, 2026 for selection of manufacturers as beneficiaries under the rare earth permanent magnet scheme to establish integrated manufacturing facilities in India.


These sops are under the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet with a Rs 7,280 crore financial outlay. It aims to establish a total capacity of 6,000 Metric Tons Per Annum (MTPA) of integrated Rare Earth Permanent Magnet manufacturing facilities in India.

Rare Earth Permanent Magnets are among the most powerful magnets in the world and are widely used in electric vehicles, wind turbines, high-end electronics, aerospace and defence systems. By building a complete value chain from oxide to finished magnets in India, the Scheme is expected to significantly reduce import dependence in this sector.