India's Push for Rare Earth Magnet Manufacturing Sees Major Industry Interest
The Indian government, via the Heavy Industries Ministry, organized a pre-bid conference to promote domestic manufacturing of sintered rare earth permanent magnets. The initiative has attracted interest from 25 companies such as JSW Group, Vedanta, and Hindustan Zinc Ltd. It aims to select up to five firms to establish magnet production facilities, bolstering industrial capabilities.
- Country:
- India
In a significant move to boost India's manufacturing sector, the Heavy Industries Ministry held a pre-bid conference to roll out its Rs 7,280-crore scheme. The scheme aims to encourage the production of sintered rare earth permanent magnets, crucial for industries like EVs, aerospace, and consumer electronics.
A total of 25 companies, including major players like JSW Group and Vedanta, participated, indicating high industry interest. The government plans to select five entities to set up facilities, each with a capacity of up to 1,200 MTPA, aggregating to a total capacity of 6,000 MTPA.
The new initiative is expected to enhance domestic manufacturing capabilities, reduce import dependence, and build a competitive rare earth magnet ecosystem in India. Interested parties are encouraged to submit their bids by May 28, with technical evaluations scheduled for the following day.
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