At least 25 companies, including JSW Group and NLC India, participated in a pre-bid conference organized by the Ministry of Heavy Industries on Tuesday for the Rs 7,280 crore scheme launched by the Ministry of Heavy Industries to promote the manufacturing of ‘Sintered Rare Earth Permanent Magnet’. The government will select a maximum of five entities through the bidding process, in which each entity will set up a production facility of up to 1,200 MTPA, giving a total capacity of maximum 6,000 MTPA. On March 20, the Ministry of Heavy Industries had invited bids to set up production facilities to manufacture 6,000 metric tonnes per annum (MTPA) of magnets under the scheme.
25 companies took part in the bid
The pre-bid conference organized by the Ministry of Heavy Industries (MHI) for prospective bidders for the ‘Scheme for Promotion of Manufacture of Sintered Rare Earth Permanent Magnets’ witnessed wide participation and interest in which at least 25 companies participated, an official statement said. The Ministry of Heavy Industries had issued ‘Request for Proposal’ (RFP) for selection of beneficiaries for setting up integrated sintered NdFeB rare earth permanent magnets manufacturing units. The pre-bid conference was held on April 7, while the date for bid submission is May 28. Technical bids will be opened on May 29, 2026.
Questions can be given till 22nd April
The Ministry of Heavy Industries said that a detailed presentation was given to the potential bidders, which included the outline of the scheme, key provisions of the RFP and procedural aspects of the bidding process. During the pre-bid conference, queries raised by prospective bidders were resolved. Participants were informed that the last date for submitting their queries (as per details given in the RFP) through email is April 22, 2026.
online bid process
The Ministry further informed that the participants were also informed that the bidding process will be conducted online through a transparent two-stage process, under the ‘Least Cost System’ (LCS) mechanism through the CPP portal. Rare earth permanent magnets (REPMs) are one of the most powerful types of permanent magnets and are extremely important for electric vehicles, renewable energy, electronics, aerospace and defense applications. The scheme is expected to play an important role in strengthening domestic manufacturing capabilities, reducing import dependence and helping in the development of a strong and globally competitive REPM ecosystem in India.