India’s JSW Group is embarking on a significant venture to establish electric vehicle (EV) and battery manufacturing facilities in the eastern state of Odisha, with a planned investment of 400 billion rupees ($4.82 billion).
Memorandum of Understanding Signed:
JSW Group, in collaboration with the Odisha state government, has formalized plans through a memorandum of understanding (MoU) to establish an Integrated Electric Vehicles (EV) and EV Battery Manufacturing Project across two cities in Odisha.
The conglomerate, known for its diverse portfolio ranging from cement to energy, had previously entered into a joint venture with China’s SAIC Motor in November, with a strategic focus on green mobility and the development of the electric vehicle ecosystem.
Market Expansion and Competition:
JSW Group’s phased projects in Odisha will position it as a significant contender in India’s burgeoning EV market, competing with domestic and international players.
While electric models constituted a modest 2% of India’s car sales last year, with Tata Motors leading the segment, the government aims to elevate the EV market share to 30% by 2023.
India’s push towards electric mobility aligns with broader governmental initiatives to reduce carbon emissions and foster sustainable transportation solutions, driving investments and innovations in the EV sector.