Bids Open for India’s ₹7,280 Crore Rare Earth Magnet Scheme

The Ministry of Heavy Industries (MHI) has officially opened the financial bids for its ₹7,280 crore initiative aimed at establishing domestic Rare Earth Permanent Magnet (REPM) production. In a notable move, Coal India and the IRP Infratech consortium—collaborating with US-headquartered BaRupOn—have sought zero production-linked incentive (PLI) support per kilogram. Other prominent bidders, including Prozeal Green Energy, ReNew Power, and Midwest Energy, submitted quotes ranging between ₹243 and ₹505.05 per kg.

Among the participants, Midwest Energy is advancing its 500 TPA Phase-I plant toward commissioning, with target capacity expansion to 1,200 TPA by August 2027. Sanctioned last November, the central scheme offers capital subsidies up to ₹150 crore alongside per-kg incentives up to ₹2,150 to reduce import reliance and build end-to-end manufacturing capability in India.

News by Rahul Yelligetti.