India to Invite Bids for Rs 72.8 Billion Magnet Scheme

04 Dec 2025 CW Team

India is gearing up to invite bids for establishing domestic manufacturing units for rare earth permanent magnets (REPMs) under a Rs 72.8 billion incentive scheme approved in November 2025. The initiative is aimed at developing an annual production capacity of 6,000 metric tonnes of integrated REPMs, essential for electric vehicles, renewable energy systems, aerospace, defence and high-end electronics.

Draft guidelines for the scheme will be released shortly for public feedback, while pre-bid consultations have already begun. The government expects to launch the tender process before the end of January 2026.

The Department of Science and Technology has developed indigenous technology for producing permanent magnets. To ensure steady access to raw materials, India is in discussions with suppliers across South America, Africa, the UK and Australia to secure long-term supplies of rare earth oxides. Each tonne of rare earth oxide can produce nearly three tonnes of permanent magnets, making reliable sourcing vital to the scheme’s success.

The initiative also responds to recent export restrictions imposed by China, which disrupted India’s magnet supply chain. Although China has conditionally resumed exports, India is seeking to reduce dependence on a single supplier and strengthen supply chain resilience.

By fostering domestic production and supporting technology development, the Rs 72.8 billion scheme marks a strategic step toward self-reliance in a sector critical to the country’s industrial and defence capabilities.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..