JSW will invest USD 5 billion in electric vehicle projects in Odisha, which include a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units. The group will also expand its capacity in steel, cement and electricity generation verticals.
Jun 26, 2024
The JSW Group has revised its investment target for 2030 to USD 70 billion. The group had announced in 2023 to invest USD 65 billion in the next seven years. As per the revised target, JSW will invest USD 5 billion in electric vehicle projects in Odisha, which were announced in February 2024.
The investment comprises a 50 GWH Electronic Vehicle battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units. The group will also expand its capacity in its steel, cement and electricity generation verticals.
Its flagship company, JSW Steel, had announced to invest close to INR 65,000 crore in the next three years. This includes the new capex announced for the Dolvi project in Maharashtra.
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JSW Steel will be focusing on brownfield expansion with this project. Dolvi will take its total capacity to 43.5 MT steel and place the company among the top five steel producers in the world.
