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Govt extends Rs 7280 crore rare earth magnet tender to June 29 for wider bidder participation
Economy
Published on 15 May 2026
Technical bids now open a year later than expected
The Union government has extended timelines for a global tender under a Rs 7,280-crore scheme aimed at boosting domestic manufacturing of sintered rare earth permanent magnets. Bid submission now ends on June 29, up from May 28, while technical bids will be opened on June 30, 2026 instead of May 29. The response to bidder queries will be issued on June 9. Approved by the Cabinet in November 2025, the programme targets 6,000 MTPA of integrated magnet capacity, cutting import dependence across EVs, wind, electronics, and defence.
- Bid submission deadline extended from May 28 to June 29
- Technical bid opening moved from May 29 to June 30, 2026
- Government queries response scheduled for June 9
- Scheme approved with a Rs 7,280 crore financial outlay
- Target capacity: 6,000 metric tonnes per annum integrated magnets
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times