Govt extends deadline for bids under Rs 7,280-crore rare earth magnet scheme

New Delhi: The ministry of heavy industries has extended the deadline for receiving bids under the rare earth permanent magnet incentive scheme following a demand for more time by industry, an official statement said Thursday.

The last date has been extended by a month to July 29 from June 29. Technical bids will also be opened a month later on July 30. The global tender was floated by the Ministry on March 20, 2026 for selection of manufacturers as beneficiaries under the rare earth permanent magnet scheme.

The Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet with an outlay of ₹7,280 cr aims to establish a total capacity of 6,000 Metric Tons Per Annum of integrated Rare Earth Permanent Magnet manufacturing facilities.