Bhubaneswar: JSW Group is gearing up to inject 400 billion rupees ($4.81 billion) into electric vehicle (EV) manufacturing ventures in the coastal state of Odisha, India. This move signifies JSW’s strategic entry into the rapidly growing EV market, both domestically and internationally.
JSW Group plans to allocate 250 billion rupees in the initial two phases for the establishment of an EV battery manufacturing plant and an EV components plant, according to a statement released on Monday. In the third phase, the group intends to invest an additional 150 billion rupees to establish an EV components manufacturing complex.
While electric vehicles accounted for just 2% of India’s car sales in the past year, with Tata Motors leading the market, the government aims to boost this figure to 30% by 2023. JSW Group’s investment plan aligns with this vision.
JSW Group’s collaboration with China’s SAIC Motor, forged in November through a joint venture in India, is geared towards green mobility and the development of the electric vehicle ecosystem.
The Indian government is currently deliberating on whether to reduce import taxes on EVs under a proposed policy that encourages local manufacturing commitments from automakers. This decision could potentially facilitate Tesla’s entry into the Indian market, as reported by a senior government official to media channels.
Industry players such as Tata, Mahindra & Mahindra, and Hyundai Motor from South Korea have voiced their support for maintaining the existing policy, urging New Delhi to refrain from reducing taxes on hybrids.
