JSW Group to undertake nearly $5 billion in electric vehicle projects in eastern India From Reuters

¬©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

NEW DELHI (Reuters) – India’s JSW Group will launch electric vehicle and battery manufacturing projects in the eastern state of Odisha at a cost of 400 billion rupees ($4.82 billion), the company said.

The company and the state government have signed a memorandum of understanding “for establishing an integrated electric vehicle (EV) and EV battery manufacturing project” in two cities, they said in a joint statement on Saturday.

Indian cement-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 electric vehicle ecosystem development.

Through its phased projects in Odisha, JSW Group will take on both national and international players in the Indian EV market.

Electric models accounted for about 2% of car sales in India last year Tata Motors (NYSE:) dominates the market, but the government aims for a 30% share by 2023.

($1 = 83,0000 Indian Rupees)

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