The Ministry of Heavy Industries (MHI) has extended the bid submission deadline for its tender to select manufacturers under the scheme to promote manufacturing of sintered Rare Earth Permanent Magnets (REPMs) for the third time. According to an MHI statement issued on Wednesday, the bid submission deadline has been extended from July 29 to August 12, while the opening of technical bids has been rescheduled from July 30 to August 13. The ministry stated that the extension is intended to "facilitate wider participation and provide additional time for stakeholders in the bidding process."
The ministry floated the global tender on March 20, with the original bid submission deadline set for May 28. It subsequently extended the deadline to June 29, then to July 29, and has now pushed it further to August 12. As reported by MHI, the first two extensions were granted following requests from stakeholders seeking additional time to prepare bids. The latest extension announced on Wednesday is part of the ministry's strategy to ensure comprehensive participation in this strategic manufacturing initiative.
The tender is part of the government's ₹7,280-crore Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets, which was approved by the Union Cabinet on November 26, 2025. According to the ministry, the scheme aims to establish a total integrated rare earth permanent magnet manufacturing capacity of 6,000 metric tonnes per annum (MTPA) in India. Unlike companies that only assemble magnets from imported materials, the scheme seeks to build an integrated manufacturing value chain in India, from neodymium-praseodymium (NdPr) oxide, a key rare earth raw material, to finished permanent magnets.
Rare earth permanent magnets are high-performance magnets used in electric vehicles (EVs), wind turbines, consumer electronics, aerospace and defence equipment. As reported by MHI, they are critical for EV motors because they are lightweight and generate strong magnetic fields. The government launched the scheme amid growing concerns over India's dependence on imported rare earth magnets, particularly from China, as demand rises from the electric vehicle and clean energy sectors. By developing the entire production chain in India, the scheme is expected to significantly reduce import dependence in this sector and enhance India's position as a key player in the global REPM market.
