Vedanta, HZL eye rare earth magnet scheme pre-bid meet

New Delhi: Several companies, including Vedanta and Hindustan Zinc Limited, are likely to participate in a pre-bid conference for the Rs 7,280-crore scheme to promote the manufacturing of sintered rare earth permanent magnet called by the Heavy Industries Ministry on Tuesday, sources said.

The government, on March 20, invited bids for setting up manufacturing facilities for 6,000 metric tonnes per annum (MTPA) of magnets under the scheme.

The heavy industries ministry came out with a request for proposal (RFP) for the selection of beneficiaries to establish integrated sintered NdFeB rare earth permanent magnet manufacturing units.

The pre-bid conference will be held on April 7, while the bidding date is May 28.

Technical bids will be opened on May 29, 2026.