The JSW Group is set to invest a total of 400 billion rupees, equivalent to $4.81 billion, into the development of EV manufacturing projects. This initiative is specifically targeted at the coastal state of Odisha, reflecting JSW’s proactive stance in entering and competing in the burgeoning EV market in India.
JSW Group is a leading conglomerate headquartered in India, renowned for its diverse business interests across various sectors. Established in 1982, the group has expanded its footprint globally, with operations spanning steel, energy, infrastructure, cement, and more. With a commitment to sustainability and innovation, JSW Group has emerged as a dynamic force in the business landscape.
Its flagship company, JSW Steel, is a major player in the steel industry, while other entities within the group contribute significantly to the country’s economic growth and development.
In the preceding year, electric vehicle sales in India accounted for approximately 2% of the total automotive market, wherein Tata Motors emerged as the predominant player. However, in pursuit of the agenda, the government has set forth a target aiming for a substantial increase, aspiring to achieve a 30% share of the market for electric vehicles by the year 2023.
JSW Group has announced its investment plan of 250 billion rupees in the initial two phases for the establishment of an electric vehicle (EV) battery manufacturing facility and an EV components plant. Furthermore, the conglomerate, in its collaboration with China’s SAIC Motor initiated in November, is dedicated to advancing green mobility and nurturing the growth of the electric vehicle ecosystem in India.
As part of its comprehensive strategy, the conglomerate has outlined a third phase, wherein an additional 150 billion rupees will be allocated for the development of an EV components manufacturing complex. This substantial investment underscores JSW Group’s commitment to contributing significantly to the burgeoning electric vehicle industry in the region.
India is currently grappling with the decision regarding the potential reduction of import taxes on electric vehicles (EVs) as part of a proposed policy aimed at incentivizing car manufacturers committed to local production. This deliberation, if implemented, holds the potential to facilitate Tesla’s entry into the Indian market.
A government official revealed that prominent Indian automakers such as Tata and Mahindra & Mahindra, along with Hyundai Motor from South Korea, have collectively urged the authorities in New Delhi to uphold the existing policy.
They advocate for maintaining the status quo and discouraging any consideration for tax reductions on hybrid vehicles. The ongoing discussions reflect the complex interplay between economic policy, environmental considerations, and the strategic positioning of both domestic and international automotive players in the burgeoning electric vehicle sector in India.
