JSW Group in $34bn Maharashtra investment
Industrial conglomerate planning major boost for western Indian state
Manufacturing units for electric vehicles are just one of the many plans in the pipeline for the JSW Group’s newly announced $34bn investment in the western Indian state of Maharashtra.
The JSW Group, led by billionaire Sajjan Jindal, announced the signing of a Memorandum of Understanding with the Government of Maharashtra at the World Economic Forum in Davos
The investment will focus on enhancing steel manufacturing with clean green technology, renewable energy projects, establishing advanced manufacturing units for EVs, developing facilities for high-performance lithium-ion batteries, improving the solar energy ecosystem, and driving infrastructural transformation.
The strategic initiative is expected to create thousands of jobs, boost industrial capabilities, and promote sustainable economic growth in the region, with help from the government of Maharashtra who will aid them by providing financial incentives, expedited clearances and ensuring the availability of essential infrastructure.
Shri Devendra Fadnavis, Chief Minister of Maharashtra, highlighted the significance of the partnership in developing Gadchiroli as the “steel city” of India and driving innovation and long-term prosperity.
In his speech, JSW Group Chairman Sajjan Jindal expressed gratitude to the Government of Maharashtra for its visionary approach and underlined the sustainability nature of the investment.
“This MoU reflects our unwavering commitment to Maharashtra, a state that has been pivotal to JSW Group’s journey of growth and innovation. Through this partnership, we take another step towards Honorable Prime Minister Narendra Modi Ji’s vision of Clean and Green Bharat. This investment will not only boost industrial development but also drive India’s green transition with sustainable technologies, clean mobility and renewable energy solutions,” he said.
