India launches ₹7,280cr rare earth magnet scheme attracting 20 bidders
India is rolling out a big plan to make rare earth magnets at home, which are super important for things like electric cars and wind turbines.
The government's ₹7,280 crore scheme has caught the attention of 20 bidders, including heavyweights like L&T, Coal India, Renew, and Attero Recycling, who want in on the action.
Scheme targets 6,000 metric tons annually
This project aims to build up a production capacity of 6,000 metric tons per year and cut down reliance on imports from countries like China.
Both global names (like NEO Performance Materials) and bidders such as 20 Microns are joining forces.
The scheme runs for seven years: two years to set up factories and five years with sales-linked incentives.
It's all about making India's supply chain stronger and more self-sufficient after recent export restrictions shook things up globally.