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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
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