JSW Group Chairman Sajjan Jindal stated in Odisha that the group is trying to arrange an electrical automobile manufacturing plant with a capability for 1 lakh industrial electrical automobiles and three lakh electrical automobiles per 12 months.
“The challenge consists of a 50 GWh EV battery plant, EVs, a lithium refinery, a copper smelter and associated part manufacturing items,” stated an announcement.
The group envisages a complete EV provide chain inside the built-in facility, which features a manufacturing line for e-powertrain elements, a copper smelting plant and a plant for refining 6,000 tonnes of lithium per 12 months.
Sources inform CNBC-TV18 that the JSW Group is predicted to start building by the tip of the 12 months, as soon as all regulatory approvals are in place and hopes to fee the ability in 2-3 years.
“India’s goal of reaching renewable power wants power storage at an reasonably priced worth. We want three fast methods to realize the target: batteries with the correct expertise and reasonably priced worth, electrical automobiles and industrial automobiles on the similar worth as combustion engines and decoupling the provision chain from China,” stated Jindal.
The built-in electrical automobile and battery manufacturing facility may even have an R&D centre. The JSW Group’s electrical automobile and battery manufacturing vertical will perform below a separate, privately held entity inside the dad or mum firm.
Sources additionally stated that this proposed funding of ₹40,000 crore in Odisha is totally separate from the three way partnership with China’s SAIC-owned MG Motor India. In January 2024, the Competitors Fee of India (CCI) accepted the acquisition of a 38% stake in MG Motor India by JSW Ventures Singapore.