India's Push for Local REPM Manufacturing Gains Momentum
At least 25 companies, including JSW Group and NLC India, have shown interest in the heavy industries ministry's scheme to promote sintered rare earth permanent magnet manufacturing. With a total capacity of 6,000 MTPA, the initiative aims to strengthen domestic manufacturing and reduce import reliance.
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- India
India is set to bolster its manufacturing sector with the government's ambitious plan to enhance local production of sintered rare earth permanent magnets (REPMs). The Ministry of Heavy Industries has invited applications from companies under a Rs 7,280-crore scheme, attracting participation from major players like JSW Group and NLC India.
The scheme aims to support the establishment of facilities producing up to 6,000 metric tonnes per annum of magnets, promoting domestic capabilities in electric vehicles, renewable energy, and defense sectors. A maximum of five companies will be selected through a competitive bidding process, with the pre-bid conference already indicating significant interest.
Officials highlighted the scheme's transparent selection process, scheduled to conclude in 2026, as a major step towards reducing import dependency and fostering a competitive ecosystem within India. This marks a strategic move to ignite growth in the nation's heavy industries sector.
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