JSW Group announces $5 billion investment in EV projects in Odisha

JSW Group EV projects: JSW Group has announced its plans to establish electric vehicle (EV) and battery manufacturing projects in Odisha, with an estimated investment of Rs 40,000 crore.

In a joint statement released on Saturday, the company announced the signing of a memorandum of understanding (MoU) with the Odisha government for the establishment of an integrated electric vehicles and EV battery manufacturing project in two cities within Odisha.

JSW Group's foray into the EV sector follows its collaboration with China's SAIC Motor in November to form a joint venture in India, stressing green mobility and the development of the electric vehicle ecosystem.

The conglomerate's phased projects in Odisha are set to challenge both domestic and international players in India's burgeoning EV market.

While electric models accounted for just 2 per cent of India's car sales last year, with Tata Motors leading the market, the government has set an ambitious target of achieving a 30 per cent share by 2023. 

However, the move aligns with India's broader objectives of fostering sustainability and reducing carbon emissions in the transportation sector.

(With Reuters inputs.)