For the rare-earth magnet PLI, the government has appointed a technical evaluation committee headed by a joint secretary from the ministry of heavy industries, with members from the ministries of mines, renewable energy, NITI Aayog and the department of science and technology, to vet technical bids before financial bids are opened. The committee will scrutinize, among others, Midwest Advanced Materials of Hyderabad, a granite quarrying company whose 2024 Draft Red Herring Prospectus (DRHP) made no mention of magnet ambitions. Others in the fray include 20 Microns of Vadodara, a chemicals maker reportedly still looking for process know-how.
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