Govt extends deadline for bids under Rs 7,280-crore rare earth magnet scheme

Industry demands have prompted the Ministry of Heavy Industries to extend the bidding deadline for its rare earth permanent magnet incentive scheme by a month to July 29. This crucial initiative, with a ₹7,280 crore outlay, aims to build 6,000 Metric Tons Per Annum of integrated manufacturing capacity for these vital magnets. Technical bids will now be evaluated on July 30.