India’s JSW Group is set to embark on electric vehicle (EV) and battery manufacturing projects in the eastern state of Odisha, committing a substantial investment of 400 billion rupees ($4.82 billion). The collaboration between the conglomerate and the state government is formalized through a memorandum of understanding, outlining plans for an Integrated Electric Vehicles and EV Battery Manufacturing Project across two cities.
JSW Group, known for its diverse portfolio encompassing cement and energy, entered a joint venture with China’s SAIC Motor in November, placing a strategic focus on green mobility and the development of the electric vehicle ecosystem.
The phased projects in Odisha signify JSW Group’s entry into India’s burgeoning EV market, positioning itself to compete with both domestic and international players. Electric vehicle sales accounted for approximately 2% of India’s total car sales in the previous year, with Tata Motors dominating the market. However, the Indian government aims to achieve a 30% share for electric vehicles by 2023, creating a conducive environment for investments and growth in the sector.