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Government Receives 20 Bids Under Rare Earth Permanent Magnets Scheme
The government receives 20 bids for a rare earth permanent magnet (REPM) manufacturing scheme. The scheme provides for setting up integrated REPM manufacturing capacity in India with a defined outlay, duration, and beneficiary allocation mechanism.
Rare Earth Permanent Magnets (REPM) Manufacturing Scheme:
| Dimension | Key Details |
|---|---|
| Objective | The scheme provides for establishment of 6,000 Metric Tons per Annum (MTPA) of integrated REPM manufacturing in India. |
| Financial outlay | The scheme comprises an outlay of ₹7,280 crore. |
| Total duration | The scheme comprises a total duration of 7 years. |
| Phasing within duration | The scheme comprises 2 years for facility setup (gestation period) and 5 years for incentive disbursement on sales. |
| Beneficiary allocation | The scheme mandates allocation of 6,000 MTPA capacity to 5 beneficiaries through global competitive bidding. |
| Manufacturing integration | The scheme provides for end-to-end facilities covering complete processing: rare earth oxides, metals, alloys, and finished rare earth permanent magnets. |
| REPM characteristics | REPMs comprise amongst the strongest types of permanent magnets, and their high magnetic strength and stability make them integral to multiple systems. |
| REPM applications | REPMs comprise applications in EV motors, wind turbine generators, consumer and industrial electronics, and aerospace and defence systems. |