Govt finalising RFP for inviting bids under Rare Earth Magnet Scheme: Kumaraswamy

Key Highlights

• “He urged all eligible domestic and international players to seize this opportunity and contribute to India’s long-term growth story by participating in the bidding process.
• The minister also informed that the Ministry is in the process of finalising the Request for Proposal (RFP),” the Heavy Industries Ministry said.
• The meeting was attended by the Secretary, Ministry of Heavy Industries; Secretary, Department of Atomic Energy; CMD, IREL (India) Ltd; Director (Technical), NMDC; Director, NFTDC; and various industrial stakeholders from India and abroad.
• The total financial outlay for the scheme is Rs 7,280 crore, including Rs 6,450 crore in sales-linked incentives on REPM sales and Rs 750 crore in capital subsidy for setting up an aggregate 6,000 million tonnes per annum (MTPA) of REPM manufacturing facilities.
• The scheme spans a total duration of seven years from the date of award, comprising a two-year gestation period for establishing integrated REPM manufacturing facilities and five years for incentive disbursement on REPM sales.