India REPM magnet scheme

An INR 7,280 crore Government of India incentive program that will select up to five companies to build integrated plants turning NdPr oxide into sintered NdFeB magnets, 600 to 1,200 t/yr each and 6,000 t/yr in total; 20 bids were opened in August 2026 and no beneficiary had been named by October 2026.

Points to check

Facts from the sources on this page that a reader should weigh before relying on the company's own figures.

No financial bid opening, letter of award or beneficiary had been announced as of October 19, 2026.
The bid deadline was extended three times, from May 28 to August 12, 2026.
The RFP describes IREL NdPr oxide availability as indicative and non-binding, and gives IREL's NdPr oxide capacity as 400 t/yr against a 6,000 t/yr magnet target.
Incentives are paid only after all milestones and a completion certificate, are capped at INR 2,150/kg quoted and at 40% of net sales turnover.
Under the RFP, only 50% of allocated capacity must be commissioned within three years of the letter of award.

At a glance

Founded: 2025 — Approved by the Union Cabinet on November 26, 2025 and notified by the Ministry of Heavy Industries on December 15, 2025. The RFP was issued on March 20, 2026 and technical bids were opened on August 13, 2026.
Headquarters: New Delhi, India (Ministry of Heavy Industries)
Ownership: Government of India program administered by the Ministry of Heavy Industries; beneficiaries (not yet selected) may be public- or private-sector companies.
Stage: Early stage. Cabinet-approved INR 7,280 crore program; 20 technical bids opened August 13, 2026 after three deadline extensions; no award or beneficiary named by October 19, 2026.
Listing: Government-owned. Government incentive program, not a company. Bidders include listed companies (Coal India, Larsen & Toubro, 20 Microns) and private ones; no beneficiary has been selected.
Revenue: Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

What	Figure	Status	As of
Integrated sintered NdFeB magnet capacity to be incentivized, India (all beneficiaries combined)	6,000 t/yr target; 600-1,200 t/yr per beneficiary, up to five beneficiaries	Announced	Mar 2026
IREL (India) Ltd NdPr oxide production capacity, as stated in the scheme RFP	400 t/yr NdPr oxide capacity, about 500 t in stock	Operating	Mar 2026

Narrative

India's Union Cabinet approved the Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets on November 26, 2025 with an outlay of INR 7,280 crore, made up of INR 6,450 crore in sales-linked incentives paid over five years and INR 750 crore in capital subsidy, and the Ministry of Heavy Industries (MHI) notified it on December 15, 2025. The scheme targets 6,000 t/yr of integrated sintered NdFeB magnet capacity and runs seven years from the date of award: a two-year gestation period followed by five years of incentives on magnet sales. The request for proposal issued on March 20, 2026 requires each beneficiary to build 600 to 1,200 t/yr, in steps of 100 t/yr, and to perform every step from NdPr oxide through metal, alloy and sintered magnet in-house at one facility. Bids are ranked by the lowest quoted incentive per kilogram, capped at INR 2,150/kg; the capital subsidy is 15% of eligible investment, capped at INR 75 crore to INR 150 crore depending on capacity; and 50% of allocated capacity must be commissioned within three years of the letter of award. The RFP gives IREL (India) Ltd's NdPr oxide capacity as 400 t/yr with about 500 t in stock and describes IREL availability as indicative and non-binding, while the scheme offers a limited assured IREL supply to the three lowest bidders. The bid deadline of May 28, 2026 was extended three times, to August 12, 2026, and MHI opened 20 technical bids on August 13, 2026. Reported bidders include Coal India, Larsen & Toubro, Neo Performance Materials (Singapore), Proterial (India), Attero Recycling, Lohum Magnets & Energy Solutions, ReNew, 20 Microns, Prozeal Green Energy, Shankaranarayana Constructions, and a joint venture of Midwest Energy and Midwest Advanced Materials, among others. As of October 19, 2026, no financial bid opening, letter of award or beneficiary had been announced.

Where public sources disagree

Outlay components: PTI (via The Week, November 26, 2025) gives INR 6,450 crore incentives plus INR 750 crore capital subsidy, which sum to INR 7,200 crore, against the stated INR 7,280 crore total; Energetica India (March 2026) notes the same gap. No source found explains the remaining INR 80 crore.
Joint bids: PSU Watch (August 14, 2026) says three of the 20 bids are joint bids but names only two (BaRupOn-IRP consortium; Midwest Energy-Midwest Advanced Materials JV) and lists 19 bidders in all.

Sources

MHI Request for Proposal (REPM scheme) — Ministry of Heavy Industries (2026-03-20)
20 bidders named for the REPM scheme — PSU Watch (2026-08-14)
Government receives 20 bids — DD India (2026-08-13)
Cabinet approves INR 7,280 crore scheme (PTI) — The Week (2025-11-26)
Tender deadline extended a third time — Construction World (2026-08-03)
Bids invited; IREL oxide for three lowest bidders — Energetica India (2026-03-20)
Scheme notified (PTI) — The Week (2025-12-16)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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