Deadline Extended: India’s ₹7,280 Crore Rare Earth Tender

The Ministry of Heavy Industries has officially extended the deadline for submitting bids under the global tender for the "Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets." Prospective bidders now have until 29 July 2026 to submit their proposals, a one-month extension from the previous 29 June deadline. Technical bids will consequently be opened on 30 July 2026.

The extension comes after several industry stakeholders requested additional time to finalize their proposals. The global tender, which went live on 20 March 2026, aims to establish India as a hub for critical mineral-based manufacturing.

Approved by the Union Cabinet in late 2025, the program features a massive financial outlay of ₹7,280 crore, dividing the funds between sales-linked incentives (₹6,450 crore) and infrastructure capital subsidies (₹750 crore). The ultimate goal is to select five manufacturers to achieve a domestic production capacity of 6,000 tonnes of integrated rare earth permanent magnets annually—a move expected to drastically reduce import dependence for the EV, defense, and green energy sectors.

News by Rahul Yelligetti.