Reliance Industries, Vedanta in $780 million magnet talks with Indian government
Reliance Industries and Vedanta are in talks with the Indian government about a massive $780 million rare-earth magnet project.
The plan is to build enough factories to make 6,000 tons of magnets a year, helping India rely less on China for these crucial tech components.
The recent meeting at India Habitat Center tackled big questions like pricing and how much support companies can expect from the government.
Government offers ₹750cr, ₹6,530cr magnet incentives
The government's offering some serious incentives: ₹750 crore for setting up five manufacturing units, plus ₹6,530 crore in sales-based rewards over five years.
Technical bids will be opened on May 29, 2026 (with a ₹1 crore deposit).
India Rare Earths Ltd. will supply raw materials to the three lowest bidders, and IFCI is the scheme's project management agency.
Beneficiaries must invest ₹300-600 crore over two years, depending on capacity, giving a solid boost to local manufacturing.