Corporate News
Jindal-owned JSW plans to produce EVs in Rs 40,000 cr investment push

Billionaire Sajjan Jindal-owned JSW group is planning to set up an electric vehicle (EV) venture in Odisha that would include producing electric commercial vehicles (CVs) and passenger cars and a battery storage plant. The investment of Rs 40,000 crore, spread over the next few years, will be the largest investment in an electric vehicle capacity in India so far. The project will be a separate initiative from the joint venture planned by the group in association with SAIC Motor Corp in which the group has picked up a 35 per cent stake. SAIC currently operates MG Motor India which is selling two electric cars in the Indian markets. MG Motor has a plant in Halol in Gujarat which manufactures both EVs and internal combustion engine cars. None of the listed JSW group's listed companies are participating in the electric vehicle project.

News Source:- https://www.business-standard.com/companies/news/jindal-owned-jsw-plans-to-produce-evs-in-rs-40-000-cr-investment-push-124021100242_1.html