Two JSW Group companies – JSW Energy and JSW Green Mobility – have received state governmental clearance for setting up manufacturing plants in Maharashtra. They are among the seven new investment projects which were cleared by the Maharashtra government on July 29,
On July 29, the Maharashtra government’s Cabinet Sub-Committee on Industries approved total investment of Rs 81,167 crore and 23,136 employment opportunities for the state. Of this investment, Rs 75,632 crore and 19,000 employment opportunities will be created in the Vidarbha and Marathwada region. All the investments are in the green energy, green mobility and FAB/semiconductor manufacturing sectors.
While the JSW Energy project calls for an investment of Rs 25,000 crore in setting up a lithium-ion battery plant in Nagpur with 5,000 employment opportunities, the JSW Green Mobility project has a projected investment of Rs 27,200 crore in Auric, Chhatrapati Sambhajinagar for manufacture of electric and hybrid vehicles, chargers and modules.
Demand for electric vehicles continues to grow in India. In the first seven months of CY2024, 1.06 million EVs have been sold across India, up 27% YoY (January-July 2023: 840,115 units).
Maharashtra is among the states in India that are witnessing a growing shift to electric mobility. In CY2023, Maharashtra was ranked second on the all-India EV ownership scale with 376,803 units and an 11% share. However, it has the bragging rights because it is the leader in electric two-wheelers, electric cars and SUVs, and also electric buses.
ALSO READ:
Electric car and SUV sales drive past 40,000 units in H1 2024, up 21%
Electric 2W sales in first-half 2024 cross 525,000 units, already 61% of record 2023
Electric 3-wheeler sales in India rise 27% in first-half 2024 to 314,000 units
Electric CV OEMs record sales of 5,610 units in H1 2024, up 203%