Centre extends bid timeline for rare earth magnet scheme

The Ministry of Heavy Industries on Friday extended the bid timelines for its ₹7,280 crore scheme to develop rare earth magnet manufacturing in India. 

The bid due date has been extended from May 28 to June 29, while the opening of technical bids has been rescheduled to June 30.

The Ministry said the revision of timelines was in response to demand from industry stakeholders. It held a pre-bid consultation with the industry on April 7. 

The Ministry had placed a global tender on 20th March 2026 for selection of manufacturers for the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet with a financial outlay of Rs. 7,280 crore. The Scheme announced in November 2025 aims to establish a total capacity of 6,000 Metric Tons Per Annum (MTPA) of integrated Rare Earth Permanent Magnet manufacturing facilities in India. 

The move comes amid China, which dominates rare earth mining, processing and magnet manufacturing, tightening export controls, triggering supply-chain disruptions across industries that rely heavily on these materials, including electric vehicles, electronics, renewable energy and defence.