JSW Group Injects $4.82 Billion into Electric Vehicle Venture in Odisha
By siliconindia | Monday, 12 February 2024, 09:10:41 AM IST
JSW Group, a prominent Indian conglomerate, is poised to make a substantial entry into the electric vehicle (EV) and battery manufacturing sector with a colossal investment of 400 billion rupees ($4.82 billion) in Odisha. The conglomerate and the Odisha state government formalized their collaboration through a memorandum of understanding, marking the initiation of an Integrated Electric Vehicles and EV Battery Manufacturing Project across two cities in the state.
JSW Group, renowned for its diversified portfolio, had previously joined forces with China's SAIC Motor in November, strategically emphasizing green mobility development in India. The planned phased projects in Odisha aim to position JSW Group as a significant player in India's burgeoning EV market, aligning with the government's ambitious target of achieving a 30% share in the market by 2023.
While Tata Motors currently dominates the Indian EV market, JSW Group's substantial investment underscores the growing momentum toward sustainable transportation. This move reflects the evolving landscape of India's automotive industry, driven by government policies and incentives promoting electric vehicles. The collaboration with the Odisha state government signifies a collective commitment to innovation, contributing to the broader adoption of electric vehicles in line with India's vision for a greener and more sustainable future.
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