JSW Group Commits Rs 3 Lakh Crore Investment in Maharashtra for Steel, Renewable Energy, and Electric Vehicles.
21 Jan 2025 | 5824 Views | By Autocar Pro News Desk
JSW Group signed a Memorandum of Understanding with the Maharashtra government at the World Economic Forum in Davos, Switzerland, committing to invest Rs 3 lakh crore across multiple sectors including steel, renewable energy, and electric vehicles.
The investment plan includes development of steel manufacturing facilities in Gadchiroli, establishment of ...
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JSW Group signed a Memorandum of Understanding with the Maharashtra government at the World Economic Forum in Davos, Switzerland, committing to invest Rs 3 lakh crore across multiple sectors including steel, renewable energy, and electric vehicles.
The investment plan includes development of steel manufacturing facilities in Gadchiroli, establishment of electric vehicle and lithium-ion battery production units, and expansion of solar energy infrastructure across the state. The Maharashtra government will support the initiative through policy measures, infrastructure development, and expedited clearances.
Maharashtra Chief Minister Devendra Fadnavis emphasized the state's vision to develop Gadchiroli as India's steel hub, while JSW Group Chairman Sajjan Jindal highlighted the investment's alignment with national clean energy goals.
The agreement marks JSW Group's largest single-state investment commitment to date. The conglomerate, which began operations in 1982, has grown from a steel manufacturer to diversify into energy, infrastructure, and cement sectors. The group reported revenues exceeding Rs 1.5 lakh crore in the previous fiscal year.
Maharashtra has maintained its position as India's leading industrial state, contributing approximately 15% to the country's industrial output. The state attracted foreign direct investment of $36 billion between 2019 and 2024, according to government data.
The investment comes as India pushes for increased domestic manufacturing in critical sectors including steel and renewable energy. The country aims to achieve 500 GW of renewable energy capacity by 2030 and increase domestic steel production to 300 million tonnes by 2030.
JSW Group's expansion plans align with India's electric vehicle adoption targets, as the government aims for 30% of new vehicle sales to be electric by 2030. The domestic electric vehicle market has grown significantly, with sales tripling between 2022 and 2024.
The project is expected to generate employment opportunities across skill levels and contribute to the development of ancillary industries in Maharashtra. The state government projects that the investment will create both direct and indirect employment opportunities in multiple districts.