NEW Delhi: The government’s Rs7,280-crore scheme to promote domestic manufacturing of rare earth permanent magnets has received 20 bids, including from Larsen & Toubro, Coal India and ReNew, for setting up integrated manufacturing facilities in the country, the Ministry of Heavy Industries said on Thursday.
The bids were received through a global tender for selection of manufacturers under the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnet (REPM), according to a press release issued by the ministry. It said the Ministry of Heavy Industries (MHI) received 20 bids through Global Tender on CPP portal for Selection of Manufacturers for establishing integrated Sintered NdFeB Rare Earth Permanent Magnet Manufacturing Facilities.
The bidders also include Attero Recycling, 20 Microns, Lohum Magnets & Energy Solutions, NEO Performance Materials (Singapore), Proterial (India), Prozeal Green Energy. The scheme aims to establish a total domestic manufacturing capacity of 6,000 metric tonnes per annum (MTPA) of integrated rare earth permanent magnets.
The capacity will be allocated to five beneficiaries selected through a global competitive bidding process, with each beneficiary eligible for up to 1,200 MTPA.
ANI
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