New Delhi: The Ministry of Heavy Industries (MHI) has said it received 20 bids through a global tender on the CPP portal for the selection of manufacturers to set up integrated sintered NdFeB rare earth permanent magnet manufacturing facilities. The bids were invited under the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM). The last date for receiving bids was August 12. The technical bids were opened the following day, on August 13, at MHI in the presence of the bidders.
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The ministry named all 20 bidders in the statement. The list includes, Coal India Limited, Larsen & Toubro Limited, NEO Performance Materials (Singapore) PTE LTD and Proterial (India) Limited. Battery and rare earth recycling firms feature as well. Attero Recycling Private Limited has bid, as has Lohum Magnets & Energy Solutions Private Limited. Renew Private Limited is also on the list.
The remaining bidders are 20 Microns Limited, Jay Fe Cylinders Limited, NAN Magnetech Private Limited, Nexon Geochem Private Limited, PrNd Metal and Magnets Pvt Ltd, Prozeal Green Energy Limited, Ramp Metals & Minerals Private Limited, Shankaranarayana Constructions Limited, Solpro Greentech Private Limited and Starteck Finance Limited.
Three of the 20 entries are joint bids. They are the BaRupOn – IRP Consortium, a joint venture of Keystone Infra Pvt Ltd and Huebox Interiors Pvt Ltd, and a joint venture of Midwest Energy Limited and Midwest Advanced Materials.
The Union Cabinet approved the scheme on November 26, 2025. The approved financial outlay is Rs 7,280 crore. MHI issued the scheme notification on December 15, 2025. The Request For Proposal was floated on the CPP portal on March 20. A pre-bid conference was held on April 7.
The scheme aims to establish a total of 6,000 metric tonnes per annum (MTPA) of integrated rare earth permanent magnet manufacturing capacity in India. MHI describes it as a "first-of-its-kind initiative".
That capacity is to be allocated to five beneficiaries through a global competitive bidding process. Each beneficiary will be allotted up to 1,200 MTPA.
The scheme will run for seven years from the date of award. That period includes a two-year gestation period for setting up an integrated REPM facility. Incentives will be disbursed over the following five years, on the sale of REPM.
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Rare earth permanent magnets are used in electric vehicles, wind turbines, high-end electronics, and aerospace and defence systems. MHI said the scheme is expected to "significantly reduce import dependence" in the sector by building a complete value chain in India, from NdPr oxide to finished magnets.
The ministry characterised the response to the tender as "overwhelming". It also said the scheme would secure the REPM supply chain for domestic industries and support India's Net Zero 2070 commitment.
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