Heavy Industries Ministry Extends Global Tender Deadline for Rare Earth Magnet Manufacturing Scheme

The Ministry of Heavy Industries has extended the bid submission timeline for its global tender under the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet. Following requests from multiple industry stakeholders, the bid due date has been moved from June 29 to July 29, 2026. Consequently, the opening of technical bids has been rescheduled from June 30 to July 30, 2026, to allow broader participation and provide additional time for candidates in the bidding process.

The global tender was originally floated by the ministry on March 20, 2026, to select manufacturers who will establish integrated rare earth permanent magnet manufacturing facilities within the country. The overarching scheme was cleared by the Union Cabinet in November 2025 with a total financial outlay of 7,280 crore rupees. The primary operational target of the initiative is to set up a cumulative production capacity of 6,000 metric tons per annum.

Rare earth permanent magnets are highly powerful components extensively utilized in the production of electric vehicles, wind turbines, high-end electronics, aerospace equipment, and defense systems. By creating a localized, end-to-end supply chain that covers everything from Neodymium-Praseodymium oxide processing to completed, functional magnets, the central government expects to materially lower structural import reliance in these high-technology sectors.