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JSW Group to set up nearly $5 billion in EV projects in eastern India

Published 02/10/2024, 04:17 AM
Updated 02/10/2024, 04:20 AM
© Reuters. FILE PHOTO: 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
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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 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.

© Reuters. FILE PHOTO: 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

Electric models made up around 2% of India's car sales last year, with Tata Motors (NYSE:TTM) dominating the market, but the government is targeting a 30% share by 2023.

($1 = 83.0000 Indian rupees)

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