The JSW Group announced nearly $5 billion investment plans for electric vehicle and battery manufacturing facilities in West Bengal, supporting India’s EV push.
India’s JSW Group plans a nearly $5 billion investment in electric vehicle and battery manufacturing facilities in the eastern state of Odisha, representing major progress for the country’s green mobility push.
In a joint statement issued on Saturday, the conglomerate announced its collaboration with the state government to establish an Integrated Electric Vehicles and EV Battery Manufacturing Project in two cities. The memorandum of understanding underscores JSW Group’s commitment to advancing sustainable transportation solutions in India.
JSW Group’s strategic partnership with China’s SAIC Motor, formed in November, underscores its dedication to fostering green mobility and nurturing the electric vehicle ecosystem in India. The conglomerate’s venture with SAIC Motor aims to leverage technological expertise and capitalize on emerging opportunities in the EV sector.
The phased implementation of projects in Odisha will position JSW Group to compete with both domestic and international players in India’s burgeoning EV market.
With a steadfast focus on innovation and sustainability, the conglomerate aims to drive adoption and penetration of electric models across the country.
Tata Motors reigning supreme in the market with JSW
Despite electric models accounting for a mere 2% of India’s car sales last year, with Tata Motors reigning supreme in the market, the government has set ambitious targets to transform the landscape.
With a goal of achieving a 30% share in electric vehicle sales by 2023, India is poised for a monumental shift towards sustainable transportation solutions.
JSW Group underscores its unwavering commitment
The substantial investment of 400 billion rupees ($4.82 billion) by JSW Group underscores its unwavering commitment to driving progress and shaping the future of mobility in India.
As the country embraces cleaner and more efficient modes of transportation, collaborations between industry leaders and government entities will play a pivotal role in catalyzing transformative change.
