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.
