Vedanta and Hindustan Zinc to Bid for Government's ₹7,280 Crore Rare Earth Magnet Initiative

Original: Vedanta, HZL Among Firms Eyeing Govt's Rs 7,280 Crore Rare Earth Magnet Scheme

Ndtv•Apr 6, 20261 min

In a Nutshell

Vedanta and Hindustan Zinc Limited are among several companies expected to join a pre-bid conference for the government's ₹7,280 crore (approximately $880 million USD) scheme aimed at manufacturing rare earth permanent magnets. The scheme invites bids for a production capacity of 6,000 metric tonnes per annum.

Key Points

01The government has launched a ₹7,280 crore scheme to boost rare earth magnet manufacturing.
02Vedanta and Hindustan Zinc Limited are potential participants in the bidding process.
03The pre-bid conference is scheduled for April 7, with bids due by May 28.
04The scheme targets a production capacity of 6,000 metric tonnes per annum.
05Technical bids will be opened on May 29, 2026.

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Full Summary

The Indian government has initiated a ₹7,280 crore (approximately $880 million USD) scheme to enhance the manufacturing of sintered rare earth permanent magnets, crucial for various high-tech applications. Companies such as Vedanta and Hindustan Zinc Limited are expected to participate in the pre-bid conference scheduled for April 7. The scheme aims to establish manufacturing facilities capable of producing 6,000 metric tonnes per annum of magnets. The bidding process will close on May 28, with technical bids set to be opened on May 29, 2026. This initiative reflects the government's commitment to bolster domestic production in the strategic materials sector.

Key Figures