JSW, which holds a stake in MG Motor India, has signed a memorandum of understanding (MoU) with the Government of Maharashtra, to invest in the state and set up an electric vehicle and battery manufacturing facility, among others. The partnership was announced at the World Economic Forum (WEF) in Davos, Switzerland, and will see JSW invest Rs 3 lakh crore in Maharashtra. Alongside expanding its steel production and incorporating more eco-friendly manufacturing solutions, the company will also set up manufacturing units to produce electric vehicles and lithium-ion batteries. The company’s statement, however, hasn’t provided a timeline of when the EV and battery manufacturing units will be functional.
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The partnership was announced at the World Economic Forum (WEF) in Davos, Switzerland
Speaking about the investment, Sajjan Jindal, Chairman of JSW Group, said, “This MoU reflects our unwavering commitment to Maharashtra, a state that has been pivotal to JSW Group’s journey of growth and innovation. Through this partnership, we take another step towards Hon'ble Prime Minister Narendra Modi Ji's vision of Clean and Green Bharat. This investment will not only boost industrial development but also drive India’s green transition with sustainable technologies, clean mobility and renewable energy solutions. We are deeply grateful to the Government of Maharashtra, led by Honorable Chief Minister Shri Devendra Fadnavis, for their visionary approach and industry-friendly policies, which make transformative initiatives like these possible.”
In February 2024, the JSW Group signed an MoU with the Odisha government to set up an integrated electric vehicle (EV) and EV battery manufacturing plant with an investment of Rs 40,000 crore. It is unclear at the moment if JSW has decided to move the EV facilities out of Odisha and into Maharashtra, or if this is a separate investment. However, It could also be possible that JSW, which is said to have been holding discussions with global manufacturers aside from MG, could form a partnership with another company. If the reports are true, the new Maharashtra facility could be dedicated to producing vehicles under a separate, new venture.
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In November 2023, JSW picked up a 35 per cent stake in MG Motor India, entering into a joint venture (JV) with MG’s parent company Shanghai Automotive Industry Corporation (SAIC Motor). JSW MG Motor India’s last launch in India was the Windsor EV, which has been quite successful in India, and also responsible for a resurgence in sales for the manufacturer. The company is now gearing up to launch models such as the Majestor SUV, MG M9 luxury MPV and the MG Cyberster in the Indian market.
