Updated January 22nd, 2024 at 21:08 IST
JSW Group's eastern India focus to see $5 bn EV investments
JSW Group and China's SAIC Motor formed a joint venture in India in November.
Keeping up its tempo of business diversification, JSW Group will be investment will invest Rs 400 billion in electric vehicle (EV) manufacturing projects in this coastal state of the country. The company takes on both domestic and international players in India's small but booming EV market.
Electric vehicle (EV) models consist of around 2 per cent of country's car sales last year. Tata Motors dominated the market but the government is targeting a 30 per cent share by 2023. JSW Group will invest Rs 250 billion in an EV battery manufacturing plant and an EV components plant in the first two phases of its plan, according to a statement on Monday.
In a third phase, the conglomerate plans to invest 150 billion rupees to set up an EV components manufacturing complex. JSW Group and China's SAIC Motor formed a joint venture in India in November, with a focus on green mobility and developing the electric vehicle ecosystem.
India has still to decide whether to cut import taxes on EVs under a proposed policy for carmakers that commit to local manufacturing, something that could ease Tesla's entry into the market, a top government official said. Tata, Mahindra & Mahindra and South Korea's Hyundai Motor have asked New Delhi to maintain the current policy, discouraging any reduction in taxes on hybrids, sources told Reuters earlier this month.
(With Reuters inputs)
Published January 22nd, 2024 at 21:08 IST