Demagnetized giants: Why India’s corporate titans are resisting the pull of a ₹7,280-crore magnet race

For rare earth magnet PLI, the government appointed a technical evaluation committee, chaired by a joint secretary from the ministry of heavy industries and including members from the ministries of mines, renewable energy, NITI Aayog and science and technology, to review technical bids before financial bids are opened. The committee will also examine, among others, Midwest Advanced Materials of Hyderabad, a granite quarrying company that made no mention of magnet targets in its 2024 Draft Red Herring Prospectus (DRHP). Others in the fray include 20 Microns Vadodara, a chemical maker that is reportedly still seeking process information.