The state government of Maharashtra has granted permission to two JSW Group companies, JSW Energy and JSW Green Mobility, to establish manufacturing facilities there. These are a couple of the seven new investment projects that the Maharashtra government has approved.
The Cabinet Sub-Committee on Industries of the Maharashtra government approved a total investment of Rs 81,167 crore and 23,136 job possibilities for the state. 19,000 new jobs and an investment of Rs 75,632 crore will be generated in the regions of Vidarbha and Marathwada. The sectors receiving all of the funding are FAB/semiconductor manufacturing, green energy, and green transportation.
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.