JSW Group to Establish $4.82 Billion EV Projects in Eastern India
JSW Group’s Major Investment in Odisha
India’s JSW Group is gearing up to invest a whopping 400 billion rupees ($4.82 billion) in electric vehicles and battery manufacturing projects in the state of Odisha, located in the eastern part of the country.
Joint Venture with State Government
The joint statement released by JSW Group and the Odisha state government affirmed the signing of a memorandum of understanding for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project in two cities.
New Venture with SAIC Motor
JSW Group recently established a joint venture with China’s SAIC Motor in India, emphasizing green mobility and the development of the electric vehicle ecosystem.
JSW Group’s Expansion Plans
Through its upcoming projects in Odisha, JSW Group aims to rival both domestic and international players in India’s EV market, focusing on expanding its presence in the sector.
Rising Trend in Indian EV Market
Last year, electric models comprised about 2% of India’s car sales, with Tata Motors dominating the market. However, the Indian government has set an ambitious target of achieving a 30% share for electric vehicles by the year 2023.
JSW Group’s large-scale investments in EV projects in Odisha reflect the growing demand for electric vehicles and sustainable mobility solutions in India.
