JSW Group to set up nearly $5 billion in
EV projects in eastern India
Send a link to a friend
[February 10, 2024]
NEW DELHI (Reuters) -
India's JSW Group will set up electric vehicles and battery
manufacturing projects in the country's eastern state of Odisha at a
cost of 400 billion rupees ($4.82 billion). |
The logo of JSW is seen on the company's headquarters in Mumbai, India,
February 11, 2016. Picture taken February 11, 2016. REUTERS/Danish
Siddiqui/File Photo |
The
company and the state government have signed a memorandum of
understanding "for the establishment of an Integrated Electric
Vehicles (EV) And EV Battery Manufacturing Project" in two
cities, they said in a joint statement on Saturday.
The Indian cement to energy conglomerate JSW Group had formed a
joint venture in India with China's SAIC Motor in November, with
a focus on green mobility and developing the electric vehicle
ecosystem.
Through its phased projects in Odisha, JSW Group will take on
both domestic and international players in India's EV market.
Electric models made up around 2% of India's car sales last
year, with Tata Motors dominating the market, but the government
is targeting a 30% share by 2023.
($1 = 83.0000 Indian rupees)
(Reporting by Neha Arora. Writing by Krishn Kaushik. Editing by
Sam Holmes.)
[© 2024 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
|