+
JSW Group's Massive 400 Billion Rupee Bet Accelerates India's EV Ambitions
ECONOMY & POLICY

JSW Group's Massive 400 Billion Rupee Bet Accelerates India's EV Ambitions

In a bold move to shape the future of electric mobility in India, JSW Group has announced a staggering 400 billion rupee ($4.81 billion) investment in electric vehicle (EV) manufacturing projects in Odisha. This significant endeavor marks JSW's determination to rival both domestic and international players in India's rapidly growing EV market.

Last year, electric models comprised a mere 2% of India's car sales, with Tata Motors dominating the landscape. However, with the government aiming for a 30% share in EV sales by 2023, JSW Group's substantial investment is a strategic leap towards achieving this ambitious target.

The conglomerate's plan unfolds in three phases. In the initial two phases, JSW Group will inject 250 billion rupees into establishing an EV battery manufacturing plant and an EV components plant, as outlined in a statement released on Monday. The third phase will see an additional investment of 150 billion rupees to set up a comprehensive EV components manufacturing complex.

In November, JSW Group and China's SAIC Motor joined forces to create a joint venture in India, emphasizing their commitment to green mobility and the development of a robust electric vehicle ecosystem.

Despite India's thriving EV market, uncertainties loom over the potential reduction of import taxes on EVs. A top government official revealed to Reuters that the government is still deliberating whether to cut import taxes, a decision that could impact Tesla's entry into the Indian market.

In a noteworthy development, Tata, Mahindra & Mahindra, and Hyundai Motor have urged the Indian government to maintain the current policy, discouraging any reduction in taxes on hybrids. This stance underscores the complexity and diversity of opinions within the industry, even as JSW Group makes a colossal bet on India's electric future.

In a bold move to shape the future of electric mobility in India, JSW Group has announced a staggering 400 billion rupee ($4.81 billion) investment in electric vehicle (EV) manufacturing projects in Odisha. This significant endeavor marks JSW's determination to rival both domestic and international players in India's rapidly growing EV market. Last year, electric models comprised a mere 2% of India's car sales, with Tata Motors dominating the landscape. However, with the government aiming for a 30% share in EV sales by 2023, JSW Group's substantial investment is a strategic leap towards achieving this ambitious target. The conglomerate's plan unfolds in three phases. In the initial two phases, JSW Group will inject 250 billion rupees into establishing an EV battery manufacturing plant and an EV components plant, as outlined in a statement released on Monday. The third phase will see an additional investment of 150 billion rupees to set up a comprehensive EV components manufacturing complex. In November, JSW Group and China's SAIC Motor joined forces to create a joint venture in India, emphasizing their commitment to green mobility and the development of a robust electric vehicle ecosystem. Despite India's thriving EV market, uncertainties loom over the potential reduction of import taxes on EVs. A top government official revealed to Reuters that the government is still deliberating whether to cut import taxes, a decision that could impact Tesla's entry into the Indian market. In a noteworthy development, Tata, Mahindra & Mahindra, and Hyundai Motor have urged the Indian government to maintain the current policy, discouraging any reduction in taxes on hybrids. This stance underscores the complexity and diversity of opinions within the industry, even as JSW Group makes a colossal bet on India's electric future.

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?