JSW Energy plans to invest Rs 25,000 crore in establishing a lithium-ion battery plant in Nagpur. In comparison, JSW Green Mobility is set to invest Rs 27,200 crore in Auric, Chhatrapati Sambhajinagar for the production of electric and hybrid vehicles, chargers, and modules.
Two subsidiaries of the JSW Group, JSW Energy and JSW Green Mobility, have been granted approval from the state government to establish manufacturing facilities in Maharashtra. These projects are part of seven new investment initiatives endorsed by the Maharashtra government on July 29.
The Cabinet Sub-Committee on Industries in Maharashtra approved a substantial investment totalling Rs 81,167 crore, expected to generate 23,136 job opportunities throughout the state. A significant portion of this investment, Rs 75,632 crore, along with 19,000 job opportunities, is allocated to the Vidarbha and Marathwada regions. These investments are focused on sectors including green energy, green mobility, and FAB/semiconductor manufacturing.
Specifically, JSW Energy plans to invest Rs 25,000 crore to establish a lithium-ion battery manufacturing facility in Nagpur, which is anticipated to create 5,000 jobs. Meanwhile, JSW Green Mobility is set to invest Rs 27,200 crore in Auric, Chhatrapati Sambhajinagar for the production of electric and hybrid vehicles, along with chargers and modules.
The demand for electric vehicles (EVs) in India has been on a steady rise. In the first seven months of CY2024, sales of EVs in India increased by 27% year-over-year, with 1.06 million units sold compared to 840,115 units from January to July 2023.
Maharashtra is emerging as a leader in the shift towards electric mobility. In CY2023, the state ranked second in overall EV ownership across India, with 376,803 units, capturing an 11% market share. It also leads the nation in the adoption of electric two-wheelers, cars, SUVs, and buses, positioning Maharashtra at the forefront of the electric vehicle revolution.
