Archive · 16 Jan 2026
India Inc Eyes Rs 7,280-crore Rare Earth Magnet Scheme
Big Indian companies like Adani and Reliance are interested in a government plan to make special magnets called rare earth magnets.
These magnets are important for electric cars, wind turbines, and defence systems.
The government is offering ₹7,280 crore to help companies make these magnets in India.
This will help India rely less on China for these important materials.
Companies are waiting for the final details before they decide to invest.
The plan aims to make 6,000 tonnes of these magnets every year by 2030.
Some companies are also working on recycling old electronics to get the materials needed for these magnets.
Major Indian industrial groups have shown interest in the government's ₹7,280-crore scheme for rare earth permanent magnets.
The scheme aims to create 6,000 tonnes per year of domestic capacity by 2030.
Rare earth magnets are crucial for EV traction motors, wind turbines, defence systems, and advanced electronics.
Companies are awaiting the final request for proposal (RFP) before committing capital.
The scheme is part of India's push to reduce dependence on China for critical materials.
- Who
- Major Indian industrial groups including Adani Enterprises, Reliance Industries, JSW Group, Kalyani Group, and Maruti Suzuki India
- What
- Interest in the government's ₹7,280-crore incentive scheme for rare earth permanent magnets
- When
- Stakeholders' meeting held earlier this week; RFP expected soon
- Where
- India
- Why
- To build domestic capacity for rare earth magnets and reduce dependence on China
- Total Scheme Value
- ₹7,280 crore
- Target Domestic Capacity
- 6,000 tonnes per year by 2030
- Key Applications
- EV traction motors, wind turbines, defence systems, advanced electronics
- Major Companies Interested
- Adani Enterprises, Reliance Industries, JSW Group, Kalyani Group, Maruti Suzuki India
- Scheme Objective
- Reduce dependence on China for critical materials
- Specialist Magnet Manufacturers
- Permanent Magnets, Ashvini Magnets, Midwest Advanced Materials
- Recycling Companies Involved
- Attero Recycling, Lohum Cleantech, Vedanta’s Runaya
