India's Bold Move to Dominate Rare Earth Magnet Market

India extends deadlines for its Rs 7,280-crore initiative to establish sintered rare earth permanent magnet manufacturing. This scheme, backed by the Union Cabinet, is set to position India as a leader in the global market by producing 6,000 MTPA and reducing import dependence.

The Indian government on Friday announced an extension of deadlines for its Rs 7,280-crore initiative aimed at boosting sintered rare earth permanent magnet (REPM) manufacturing. This move facilitates broader participation in the bidding process.

The submission deadline for global tenders has been pushed from May 28 to June 29, and the opening of technical bids rescheduled from May 29 to June 30, 2026. Responses to bidders' queries are expected on June 9.

Approved by the Union Cabinet on November 26, 2025, this first-of-its-kind initiative aims to create 6,000 metric tonnes per annum (MTPA) of integrated REPM facilities, helping India become a leading player in the global market and reducing foreign dependency.