JSW's $4.81 bn investment powers up India's EV Manufacturing Hub in Odisha

  • Industry News
  • Jan 23,24
JSW Group plans to allocate 250 billion rupees for an EV battery manufacturing plant and an EV components plant in the initial two phases of its investment strategy.
  JSW's $4.81 bn investment powers up India's EV Manufacturing Hub in Odisha

The JSW Group is gearing up to invest 400 billion rupees ($4.81 billion) in electric vehicle (EV) manufacturing projects within the coastal state of Odisha, India. This move positions JSW Group to compete with both domestic and international players in India's burgeoning but relatively small EV market. Despite electric models constituting only 2% of India's car sales last year, with Tata Motors dominating the market, the government aims for a 30% share by 2023.

According to a statement, JSW Group plans to allocate 250 billion rupees for an EV battery manufacturing plant and an EV components plant in the initial two phases of its investment strategy. In the subsequent phase, the conglomerate intends to invest an additional 150 billion rupees to establish an EV components manufacturing complex. Notably, JSW Group joined forces with China's SAIC Motor in November, forming a joint venture in India with a focus on green mobility and the development of the electric vehicle ecosystem.

The Indian government is still deliberating on whether to reduce import taxes on EVs as part of a proposed policy for automakers committing to local manufacturing. Such a move could potentially facilitate Tesla's entry into the market, as mentioned by a top government official to Reuters. On the other hand, companies like Tata, Mahindra & Mahindra, and Hyundai Motor have advocated for maintaining the existing policy, discouraging any reduction in taxes on hybrids, as reported earlier this month.

Source: Reuters

Related Stories

Electrical & Electronics
Haier Group eyes Rs 10 billion JV with JSW Group

Haier Group eyes Rs 10 billion JV with JSW Group

This potential collaboration follows a 2023 JV between JSW and Chinese automaker SAIC Motor, where JSW took a 35% stake in MG Motor India.

Read more
Auto & Auto Components
Tata Motors starts LNG-powered truck delivery to Clean Green Fuel and Logistics

Tata Motors starts LNG-powered truck delivery to Clean Green Fuel and Logistics

A Memorandum of Understanding to supply an additional 350 units of Prima 5530.S LNG was also signed between Tata Motors and Clean Green Fuel and Logistics Pvt. Ltd.

Read more
Auto & Auto Components
Tata Motors to supply 1000 bus chassis to UP State Road Transport Corporation

Tata Motors to supply 1000 bus chassis to UP State Road Transport Corporation

This latest order follows the successful fulfilment of a similar, larger order of 1,350 bus chassis received last year, and which are currently running efficiently by the UPSRTC.

Read more

Related Products

Tata Motors unveils facilities for development of Hydrogen propulsion tech

AUTO COMPONENTS & ACCESSORIES

Tata Motors, India?s largest automobile company, unveiled two state-of-the-art & new-age R&D facilities for meeting its mission of offering sustainable mobility solutions. The unveilings constitute of Read more

Request a Quote

Tata Motors plans petrol powertrain for Harrier and Safari SUVs

AUTO COMPONENTS & ACCESSORIES

Tata Motors is in the process of developing a new petrol powertrain for its premium sports utility vehicles, the Harrier and Safari, as confirmed by a senior company official. Currently, these models Read more

Request a Quote

Electric Vehicle Charger

AUTO COMPONENTS & ACCESSORIES

RRT Electro is engaged in manufacturing of customized Power Electronic Products over two decades having capability to Design, Develop, Prototyping, Regulatory Compliance testing & Certification, Manuf Read more

Request a Quote

Hi There!

Now get regular updates from IPF Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Industrial News on Whatsapp! Enjoy

+91 84228 74016