JSW – one of India’s largest business groups – is planning to set up electric vehicle and battery manufacturing projects in the eastern state of Odisha.
JSW Group is a $23-billion cement-to-energy conglomerate that employs nearly 40,000 people. It said on Saturday that the projects would cost about 400 billion rupees ($4.82 billion).
The company and the Odisha state government have signed a memorandum of understanding “for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project” in two cities, they said in a joint statement.
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Last November, JSW formed a joint venture with MG Motor India, which is owned by China’s SAIC, with a focus on green mobility and developing the electric vehicle ecosystem.
Through its phased projects in Odisha, JSW Group will take on both domestic and international players in India’s EV market.
Electric models made up around 2% of India’s car sales last year, with Tata Motors dominating the market, but the government is targeting a 30% share by 2030.
The government said last July it expects India’s EV market to grow at a compound annual growth rate (CAGR) of 49% in the years up to 2030.
- Reuters with additional input and editing by Jim Pollard
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