(Reuters) – Billionaire Sajjan Jindal-led JSW Group said on Tuesday that it will invest 3 trillion rupees ($34.67 billion) in the Indian state of Maharashtra to expand the conglomerate’s presence in electric vehicles, batteries, steel, and green energy sectors.
The ports-to-cement JSW conglomerate and the government of the western Indian state of Maharashtra – home to the country’s financial hub of Mumbai – signed an agreement on the sidelines of the World Economic Forum, in Davos, Switzerland.
The investment will fund facilities for electric vehicle and lithium-ion battery production, steel manufacturing expansion, and renewable energy projects, including solar modules.
State chief minister Devendra Fadnavis, in a post on social media platform X, said that the investment would create 10,000 jobs and provide a “huge boost to Maharashtra’s industrial environment.”
The Maharashtra government will offer fiscal incentives and expedite clearances for the group’s projects as part of the agreement, JSW said.
($1 = 86.5400 Indian rupees)
(Reporting by Hritam Mukherjee in Bengaluru; Editing by Tasim Zahid)
