NEW DELHI (Reuters) – India’s JSW Group will set up electric vehicle and battery projects in the 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 “to set up an integrated electric vehicle (EV) and EV battery manufacturing project” in the two cities, a joint statement said on Saturday.
Indian energy conglomerate JSW Group in November formed a joint venture in India with China’s SAIC Motor, focusing on clean mobility and developing the electric vehicle ecosystem.
Through its phased projects in Odisha, JSW Group will compete with both local and international players in the Indian electric vehicle market.
Electric models accounted for about 2% of car sales in India last year. Tata Motors (NYSE:) dominates the market, but the government is targeting a 30% share by 2023.
($1 = 83,0000 Indian Rupees)