20 Companies Bid for ₹7,280-Crore Rare Earth Magnet Scheme

The Ministry of Heavy Industries has received bids from 20 companies, including L&T and Coal India, for the government's ₹7,280-crore production-linked incentive scheme.

The scheme aims to establish domestic manufacturing facilities for rare-earth magnets, which are critical components for electric vehicles and renewable energy infrastructure.

The government expects these facilities to reduce India's import dependency for high-performance magnets, with final project approvals expected in the coming quarter.