JSW Group to set up nearly $5 billion in battery EV projects in eastern India.
India’s JSW Group will set up electric vehicles and battery manufacturing projects in the country’s eastern state of Odisha at a cost of 400 billion rupees ($4.82 billion).
The company and the 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 on Saturday.
The Indian cement to energy conglomerate JSW Group had formed a joint venture in India with China’s SAIC Motor (600104.SS), opens new tab in November, with a focus on green mobility and developing the electric vehicle ecosystem.
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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 (TAMO.NS), opens new tab dominating the market, but the government is targeting a 30% share by 2023.
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JSW Group to set up nearly $5 billion in battery EV projects in eastern India. source
