Govt's Rs 7,280 crore rare earth magnet scheme draws 20 bids, including L&T, Coal India, ReNew

Twenty bids were received for the government's rare earth magnet manufacturing scheme. This initiative aims to establish 6,000 metric tonnes of domestic production capacity. The scheme will support industries like electric vehicles and renewable energy sectors. It seeks to build a complete value chain from oxide to finished magnets. The program will run for seven years after facility setup and incentive disbursement.