MHI Extends Bid Submission Deadline for Rare Earth Magnet Manufacturing Scheme

The Ministry of Heavy Industries (MHI) has extended the bid submission timeline for the global tender issued under the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM), following requests from multiple stakeholders seeking additional time for participation.

According to a statement issued by the ministry on Friday, the bid due date has been extended to June 29, 2026, from the earlier deadline of May 28, 2026. The opening of technical bids has also been rescheduled to June 30, 2026, from May 29, 2026.

The ministry said responses to queries raised by bidders will now be issued on June 9, 2026. An addendum regarding the revised schedule has been uploaded on the Central Public Procurement (CPP) Portal for stakeholders.

The global tender was originally floated on March 20, 2026, to select beneficiary manufacturers for establishing integrated rare earth permanent magnet manufacturing facilities in India under the REPM scheme.

The scheme was approved by the Union Cabinet on November 26, 2025, with a total financial outlay of Rs 7,280 crore. It aims to establish 6,000 metric tonnes per annum (MTPA) of integrated Rare Earth Permanent Magnet manufacturing capacity in the country.

The government said the initiative is intended to strengthen domestic manufacturing capabilities, reduce import dependence and position India as a significant player in the global rare earth permanent magnet market.

Rare earth permanent magnets are critical components used across sectors including electric vehicles, wind turbines, consumer electronics, aerospace and defence systems. These magnets are considered among the strongest commercially available magnets and are essential for high-efficiency motors and advanced technology applications.

The ministry added that the scheme seeks to create a complete domestic value chain ranging from Neodymium-Praseodymium (NdPr) oxide processing to finished magnet production in India.