After spending 4.82 billion rupees (about $5.8 billion) in the eastern state of Odisha, the well-known Indian conglomerate JSW Group is set to make big steps forward in the production of electric vehicles (EVs) and batteries.
A joint statement released on Saturday said that the conglomerate and the state government signed a memorandum of understanding to build an Integrated Electric Vehicle and EV Battery Manufacturing Project. This made their relationship official. This big project will be carried out in two towns in Odisha.
In November, JSW Group and China’s SAIC Motor formed a joint company. JSW Group is known for its wide range of businesses, from energy to cement. The main goal of the partnership is to support environmentally friendly transportation and the growth of India’s electric car industry.
The JSW Group’s gradual work in Odisha should make the company a strong competitor in India’s rapidly growing electric vehicle (EV) market, both in India and around the world. The government wants 30% of cars sold in India to be electric by 2023, even though only 2% of cars sold in India last year were electric.
Even though JSW Group got into the Indian EV game, Tata Motors still has the most market share. This shows that the country’s move toward energy and environmentally friendly transportation is picking up speed. Laws and incentives from the government encourage these kinds of efforts, and JSW Group’s big investment shows how the Indian car industry is changing. The conglomerate and the government of Odisha are working together to encourage new ideas and speed up the widespread use of electric cars.
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