The Ministry of Heavy Industries (MHI) in India has initiated pre-bid consultations for a scheme aimed at promoting the manufacturing of sintered rare earth permanent magnets. The scheme has attracted interest from at least 25 companies, indicating a robust engagement from the industry. A Request for Proposal (RFP) was released last month, targeting the establishment of integrated Rare Earth Permanent Magnet (REPM) manufacturing facilities across India. MHI aims to support a production capacity of 6,000 million tonnes per annum (MTPA) with an investment of ₹7,280 crore (approximately $880 million USD). Bidding will be conducted online under the Least Cost System (LCS) mechanism, with the deadline for bid submissions set for May 28, 2026. The government plans to select a maximum of five entities, each responsible for setting up facilities capable of producing up to 1,200 MTPA. This initiative is expected to bolster domestic manufacturing capabilities, reduce import dependence, and foster a globally competitive REPM ecosystem in India, particularly benefiting sectors such as electric vehicles, renewable energy, electronics, aerospace, and defense.