India Rare Earth Magnet Scheme
Analysis based on 6 articles · First reported Apr 07, 2026 · Last updated Apr 07, 2026
The scheme is expected to boost domestic manufacturing capabilities in India, reducing import dependence for critical components used in electric vehicles, renewable energy, and defense. This could lead to increased investment and job creation in the manufacturing sector, positively impacting the stock prices of participating companies like JSW Group, Vedanta Limited, Hindustan Zinc, and NLC India Limited.
The India — Ministry of Heavy Industries in India has launched a Rs 7,280-crore scheme to promote the manufacturing of sintered rare earth permanent magnets. This initiative aims to select up to five entities to establish facilities with a combined capacity of 6,000 MTPA, crucial for industries such as electric vehicles, aerospace, defense, and consumer electronics. A pre-bid conference was held on April 7, with at least 25 companies, including JSW Group, Vedanta Limited, Hindustan Zinc, and NLC India Limited, participating. The bidding date is May 28, and technical bids will be opened on May 29, 2026. The scheme is designed to strengthen domestic manufacturing, reduce import reliance, and foster a competitive REPM ecosystem in India.
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