JSW Group, HZL, Vedanta among 25 cos in pre-bid meet for rare earth magnet scheme

New Delhi: At least 25 companies, including JSW Group, Vedanta, Hindustan Zinc Ltd (HZL) and NLC India, attended a pre-bid conference for the government’s Rs 7,280-crore scheme to boost domestic

manufacturing of sintered rare earth permanent magnets, sources said.

The Ministry of Heavy Industries plans to select up to five entities through a competitive bidding process.

Each selected bidder can set up facilities with a capacity of up to 1,200 tonnes per annum, taking the total planned capacity to 6,000 tonnes.

Vedanta said the initiative aligns with its focus on critical minerals and offers expansion opportunities, given the growing importance of rare earth magnets in sectors such as electric vehicles, aerospace, defence and electronics.

The ministry had invited bids on March 20 to establish integrated manufacturing units for sintered NdFeB magnets.

The pre-bid meeting, held on April 7, saw strong industry participation. The last date for submitting queries is April 22, while bids will close on May 28.

Technical bids will be opened the following day.

Officials said the bidding will follow a transparent, two-stage least-cost selection process conducted online via the CPP portal.

The scheme aims to strengthen domestic capabilities, reduce import dependence and build a globally competitive rare earth magnet ecosystem in India.