In a boost to India’s domestic rare earth manufacturing capabilities, PM Narendra Modi-led Union Cabinet on Wednesday cleared an over Rs 7,200 crore Rare Earth Permanent Magnets (REPM) Scheme.Announcing the decision, Union minister Ashwini Vaishaw stressed on the strategic importance of the initiative which is a first-of-its kind.
- To promote manufacturing of sintered Rare Earth Permanent Magnets
- Focus on value chain: integrated manufacturing facilities, conversion of rare earth oxides to metals, metals to alloys and alloys to finished REPMs
- Investment: Rs 7,280 crore
- Creating capacity of 6 thousand Metric Tons Per Annum (MTPA)
- 5 units of 1,200 MTPA capacity to be set up
- Scheme duration: 7 years including 2 years for setting up manufacturing unit
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