The Ministry of Heavy Industries on Friday extended the bid deadlines for its ₹7,280 crore program to develop the production of rare earth magnets in India.
The deadline for submitting bids has been extended from May 28 to June 29, with the opening of technical bids postponed to June 30.
The ministry said the revision of the timetables was in response to demand from industry stakeholders. It held a pre-bid industry consultation on 7 April.
On March 20, 2026, the ministry issued a global tender for selection of manufacturers for a scheme to promote the production of rare earth sintered permanent magnets with a financial outlay of Rs. 7,280 crores. The plan, announced in November 2025, aims to create a total capacity of 6,000 metric tonnes per annum (MTPA) of integrated rare earth magnet manufacturing facilities in India.
The move comes amid China dominating rare earth mining, processing and manufacturing of magnets, tightening export controls and causing supply chain disruptions across industries heavily dependent on the materials, including electric vehicles, electronics, renewable energy and defense.
Published – 15 May 2026 20:50 IST
