Rare earth magnet scheme: Coal India, IRP seek no sops; other contenders include ReNew, Prozeal
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The heavy industries ministry opened financial bids for a scheme to manufacture rare earth permanent magnets.
- ✓Coal India and IRP Infratech sought no incentives, while others like ReNew and Prozeal asked for per-kg payments.
- ✓This move aims to reduce import dependence after China curbed exports in April 2025.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Economic Times
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
New Delhi: The heavy industries ministry has opened financial bids under the scheme to set up rare earth permanent magnet manufacturing facilities in the country. Officials said state-owned Coal India has sought a nil per kg incentive.
Hyderabad-based IRP Infratech consortium with US-headquartered BaRupOn has also sought zero per kilogram production-linked incentive under the central scheme. Prozeal, ReNew, and Midwest have sought per-kg incentives ranging from ₹243 to ₹505 under the scheme.
India is the world's third-largest rare earth resource-rich country. Calls to harness them intensified after China curbed exports of REPM in April 2025, threatening supply chains across industries.
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Economic Times
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