JSW Group Commits Rs 40,000 Crore To Transform India's EV Landscape

ENA Sectors 2024-01-23 14:33:45 Odisha, Jan 23 (KNN) JSW Group, a major Indian conglomerate, is gearing up for a substantial investment of 40,000 Crore rupees (USD 4.81 billion) in electric vehicle (EV) manufacturing projects in the coastal state of Odisha. With India's EV market comprising only 2 per cent of car sales last year, JSW Group's ambitious plan aims to tap into the growing sector. Tata Motors currently dominates the market, but the government's target of achieving a 30 per cent share by 2023 has spurred JSW Group's entry. In the first two phases of the investment, JSW Group plans to allocate 250 billion rupees for the establishment of an EV battery manufacturing plant and an EV components plant. The conglomerate's commitment to the EV space extends to a joint venture formed in November with China's SAIC Motor, emphasising green mobility and overall development of the electric vehicle ecosystem. The third phase of the plan involves an additional investment of 150 billion rupees to set up an EV components manufacturing complex. Meanwhile, India is deliberating a proposed policy that would decide whether to reduce import taxes on EVs, potentially facilitating Tesla's entry into the market. Key players like Tata, Mahindra & Mahindra, and Hyundai Motor are advocating to maintain the current policy, discouraging tax reductions on hybrids. As JSW Group accelerates its EV investments, the landscape of India's electric vehicle market is poised for significant transformation. (KNN Bureau) 36395 https://knnindia.co.in/news/newsdetails/sectors/jsw-group-commits-rs-40000-crore-to-transform-indias-ev-landscape 2024-01-23 14:33:45 knnindia.co.in JSW Group Commits Rs 40,000 Crore To Transform India's EV Landscape