Business
JSW Group To Fund ₹ 400 Billion For Odisha's Electric Vehicle Projects
By - 23 Jan 2024 01:34 AM
The JSW Group plans to invest 400 billion rupees, or $4.81 billion, in Odisha's electric vehicle (EV) manufacturing projects as it competes with both local and foreign companies in the country's tiny but rapidly expanding EV market.
Tata Motors dominated the 2% of India's car sales that were electric last year, but the government wants to see 30% of the market by 2023.
In the first two stages of its plan, JSW Group will invest 250 billion rupees in a plant that makes EV batteries and a plant that makes EV components, the company said in a statement on Monday.The conglomerate intends to invest 150 billion rupees in a third phase to establish a complex for manufacturing electric vehicle components.
In November, China's SAIC Motor and India's JSW Group established a joint venture with an aim to build the ecosystem for electric vehicles and promote green mobility.
According to a top government official who spoke to Reuters, India has not yet decided whether to lower import taxes on electric vehicles (EVs) under a proposed policy for automakers that commit to local manufacturing. This could facilitate Tesla's entry into the market.
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According to people who spoke to Reuters earlier this month, Tata, Mahindra & Mahindra and Hyundai Motor of South Korea have requested that New Delhi stick to the current course of action, which discourages any decrease in taxes on hybrid vehicles.
