25 Firms, Including JSW Group and NLC India, Eye ₹7,280 Crore Rare Earth Magnet Manufacturing Scheme – EQ
In Short : Around 25 companies, including JSW Group and NLC India, participated in a pre-bid meeting for a ₹7,280 crore rare earth magnet manufacturing scheme. The initiative aims to boost domestic production, reduce import dependence, and strengthen supply chains for clean energy and electric mobility sectors. The programme is expected to encourage investments, technology partnerships, and large-scale manufacturing capacity in India.
In Detail : Approximately 25 companies, including JSW Group and NLC India, participated in a pre-bid meeting for a ₹7,280 crore rare earth magnet manufacturing scheme, signaling strong industry interest. The initiative is aimed at developing domestic capabilities for producing critical magnet components essential for electric vehicles, wind turbines, and advanced electronics.
The scheme is designed to reduce reliance on imports by encouraging local manufacturing of rare earth magnets. These magnets are crucial for high-efficiency motors used in electric mobility, renewable energy systems, and industrial applications. Strengthening domestic supply chains is expected to improve energy security and support clean technology deployment.
Participation from major industrial groups reflects growing momentum in the strategic materials sector. Companies are exploring opportunities to establish manufacturing facilities, develop processing capabilities, and secure raw material supply for rare earth magnet production within the country.
The proposed investment under the scheme will support setting up integrated facilities covering processing, refining, and magnet manufacturing. This end-to-end approach is expected to enhance value addition and build a robust domestic ecosystem for rare earth-based technologies.
Rare earth magnets play a vital role in wind turbines, electric vehicle motors, and energy-efficient appliances. Increasing domestic manufacturing capacity will help meet rising demand from renewable energy expansion and electrification of transport.
The initiative is also expected to encourage technology collaboration with global partners. Advanced magnet manufacturing requires specialized processing techniques, and partnerships could help accelerate capability development and improve product quality.
The scheme aims to attract both public and private sector participation. Companies attending the pre-bid meeting are evaluating project economics, incentives, and long-term demand outlook before submitting proposals under the programme.
Developing domestic rare earth magnet production will also support manufacturing of wind turbines and EV components within India. This can reduce supply chain risks and strengthen the country’s position in clean energy equipment manufacturing.
Overall, the ₹7,280 crore scheme has generated strong industry interest, with multiple companies exploring participation. The initiative is expected to accelerate domestic manufacturing, reduce import dependence, and support growth of electric mobility and renewable energy sectors.
