The Group intends to produce electric cars and commercial vehicles at the same price as combustion engines
The JSW Group, with ambitious plans to invest ₹40,000 crore in electric vehicle (EV) projects in Odisha, is on a mission to transform the automotive industry. Sajjan Jindal, Chairman and Managing Director of JSW Group, disclosed the company’s vision to produce high-quality batteries and electric vehicles at prices comparable to traditional combustion engines.
Highlighting the significance of this initiative, Jindal emphasized the urgent need to address greenhouse gas emissions and reduce India’s hefty import bill for crude oil, which currently stands at around $100 billion annually.
Drawing parallels with Tesla’s success in the United States, Jindal underscored the crucial role of government support in fostering innovation and growth. He expressed his aspiration for Odisha to emerge as a trillion-dollar economy, echoing the economic trajectories of China and the USA.
JSW has already invested approximately ₹35,000 crore in various projects, with an additional ₹1,25,000 crore in the pipeline, alongside the substantial ₹40,000 crore earmarked for the EV project. Jindal reiterated the Group’s commitment to align with the Odisha government’s vision of sustainable mobility and energy storage, contributing to the state’s “Make in Odisha for the world” initiative.
Proposing a transformative shift, Jindal envisioned Odisha as the pioneer state in India to completely phase out combustion engines in transportation and mining sectors. This move, he believes, presents a win-win opportunity for local entrepreneurs and citizens, while significantly reducing carbon emissions.
Highlighting the disparity between India and China in EV adoption and battery manufacturing, Jindal stressed the need for India to accelerate its efforts in this domain. While China has sold 10 million EVs and established a 2000 GW battery plant, India’s progress has been comparatively slower, underscoring the urgency for strategic investment and development in the EV sector.
