New Delhi: JSW Group, owned by billionaire industrialist Sajjan Jindal, is planning to set up a plant for the production of electric vehicles (EVs) in Odisha. This will include the production of electric commercial vehicles as well as passenger cars and a battery storage plant. The investment of Rs 40,000 crore in the next few years will be the largest ever investment in the electric vehicle sector in India.
Joint venture with SAIC Motor Corp to start
This project of JSW Group will be started as a joint venture in collaboration with SAIC Motor Corp, in which the group has purchased 35 percent stake. SIC currently operates MG Motor India, which is selling two electric cars in the Indian markets. MG Motor has a plant in Halol, Gujarat, which manufactures both EV and internal combustion engine (ICE) cars. No listed company of JSW Group is participating in the electric vehicle project.
Revolution will come in auto sector through electric vehicles
According to media reports, regarding this investment, Sajjan Jindal said that our aim is to revolutionize the automotive industry by producing high quality battery and electric vehicles, which are not only affordable but also technologically advanced. He said that we will focus on high-level research to produce products designed by and for the people of India and we will scale up the production of electric vehicles to reinvent the way people commute and their Want to empower life.
Electric cars have to be made equal to ICE.
According to an estimate by the auto industry, the price difference between electric cars and internal combustion engine (ICE) vehicles in the Indian market is about 30 percent. A source in the group said that its plan is to bring electric cars at par with combustion engine cars. The price of the cars will be around Rs 20 lakh. He said China has sold 10 million EVs, while India has sold about 0.1 million. China has installed 2,000 gigawatt battery plants and till now India has not installed even a single gigawatt plant.
1 lakh vehicles will be produced annually
As per the company’s plan, JSW Group will set up a 50 GW battery plant for mobility and energy storage systems and a commercial e-vehicle plant to produce 1,00,000 vehicles annually and a passenger electric car plant with a capacity to make 300,000 cars. . The group will also set up an auto component manufacturing plant for e-power train production.