Centre Extends Bid Deadline for ₹7,280 Crore Rare Earth Permanent Magnet Scheme: Report

The Ministry of Heavy Industries has extended the deadline for submitting bids under the Rare Earth Permanent Magnet Incentive Scheme by one month after industry sought additional time, according to an official statement issued on Thursday. According to PTI, bids can now be submitted until July 29, instead of the earlier deadline of June 29.

The opening of technical bids has also been deferred to July 30.

The ministry had issued the global tender on March 20, 2026, to select manufacturers that will receive benefits under the Rare Earth Permanent Magnet Incentive Scheme.

With a financial outlay of ₹7,280 crore, the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet is intended to establish integrated manufacturing facilities with a combined production capacity of 6,000 metric tonnes a year.