India's rare earth magnet scheme gets 20 bids; L&T, Coal India, ReNew among bidders

According to the Times of Oman, the Indian government has received 20 bids for its Rs 7,280-crore production-linked incentive scheme aimed at boosting the domestic manufacturing of rare earth permanent magnets. The initiative is part of a broader strategy to reduce reliance on imports for critical components used in electric vehicles, wind turbines, and various electronic devices.

Among the companies that have reportedly submitted bids are major industrial players including Larsen & Toubro (L&T), Coal India, and ReNew. The high level of interest from diverse sectors highlights the growing strategic importance of the rare earth supply chain within India's manufacturing landscape. The government's scheme is designed to provide financial support to companies that establish local production capabilities for these essential magnets.

This move aligns with India's push for self-reliance in high-tech manufacturing and the transition toward green energy. By incentivizing domestic production, the government aims to secure a stable supply of materials that are currently dominated by a limited number of global suppliers. The bidding process marks a significant step forward in the implementation of the policy, with further evaluations expected to determine the successful applicants in the coming months.