Indian conglomerate JSW Group is set to invest 400 billion rupees ($4.81 billion) in electric vehicle (EV) manufacturing projects in India’s eastern coastal state of Odisha.
The Group reported on Monday the investment total includes 250 billion rupees which is intended for an EV battery manufacturing plant and an EV components plant in the first two phases of its plan.
In a third phase, the conglomerate plans to invest 150 billion rupees to set up an EV components manufacturing complex.
China’s SAIC Motor formed a joint venture with JSW Group in India last November, with a focus on green mobility and developing the electric vehicle ecosystem.
India’s EV market is reportedly inclining and the nation is still deciding whether to cut import taxes on EVs under a proposed policy for carmakers that commit to local manufacturing, as reported by Reuters.
