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JSW's New Manufacturing Units To Elevate Maharashtra's Green Sector
Two JSW Group companies, JSW Energy and JSW Green Mobility, have received approval from the Maharashtra government to establish manufacturing plants in the state. These projects are part of seven new investment initiatives cleared by the state on July 29.
JSW's Major Investments in Maharashtra
JSW Energy plans to invest Rs 25,000 crore in a lithium-ion battery plant in Nagpur, which is expected to create 5,000 jobs. Meanwhile, JSW Green Mobility will invest Rs 27,200 crore in Auric, Chhatrapati Sambhajinagar for the production of electric and hybrid vehicles, chargers, and modules.
The Maharashtra government's Cabinet Sub-Committee on Industries approved a total investment of Rs 81,167 crore on July 29. This investment is projected to generate 23,136 employment opportunities across the state. Of this amount, Rs 75,632 crore and 19,000 jobs will be concentrated in the Vidarbha and Marathwada regions.
Focus on Green Energy and Mobility
All approved investments focus on green energy, green mobility, and FAB/semiconductor manufacturing sectors. The demand for electric vehicles (EVs) continues to rise in India. In the first seven months of CY2024 alone, EV sales reached 1.06 million units nationwide, marking a 27% year-on-year increase from January 2023's figure of 840,115 units.
Maharashtra is one of the leading states in India transitioning to electric mobility. In CY2023, it ranked second in all-India EV ownership with 376,803 units and an 11% market share. The state leads in electric two-wheelers, cars and SUVs, as well as electric buses.
Growing Electric Vehicle Market
Electric car and SUV sales surpassed 40,000 units in the first half of 2024, showing a growth of 21%. Electric two-wheeler sales crossed 525,000 units during the same period, already accounting for 61% of record sales in 2023. Additionally, electric three-wheeler sales rose by 27% to reach 314,000 units in the first half of 2024.
The commercial vehicle segment also saw significant growth with electric CV OEMs recording sales of 5,610 units in H1 2024—a remarkable increase of 203%.
The substantial investments by JSW Group companies reflect their commitment to advancing green energy solutions and supporting India's shift towards sustainable mobility.
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