Schedule a Call Back
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.
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
Indian battery market in need of urgent active solutions
Despite active responses from domestic companies and strong interest from overseas manufacturers in the Indian market, issues related to domestic industry protection and the business environment rem..
Read moreSmart Manufacturing
Waste pooling collaboratives for profitable circular economy
Waste reduction is one of the key steps towards sustainability. Companies opt for recycle, reuse and refurbish waste to create value. Here, R Jayaraman explains the concept of waste pooling collabor..
Read moreAuto & Auto Components
Top 10 Global E-Vehicle makers trust Continental Tires in 2023
In the Asia-Pacific region, Continental is supplying all five highest-volume manufacturers for the first time, as already in the EMEA and the Americas regions
Read moreRelated 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
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
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
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
