Billionaire Sajjan Jindal-led JSW Group has unveiled plans to invest ₹3 trillion ($34.67 billion) in Maharashtra, strengthening its presence in electric vehicles, battery production, steel, and green energy sectors.
The ports-to-cement conglomerate signed an agreement with the Maharashtra government during the World Economic Forum in Davos, Switzerland. Maharashtra, India’s financial capital, is set to benefit from this significant investment, which aligns with JSW’s strategy to drive sustainable growth across its diverse businesses.
The company signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to expand its presence in electric vehicles, batteries, steel, and green energy sectors.
The initiative emphasizes JSW’s commitment to advancing clean energy solutions and supporting India’s transition to a greener economy while boosting industrial development in the western state.
The investment is said to fund facilities for electric vehicle and lithium-ion battery production, steel manufacturing expansion, and renewable energy projects, including solar modules, reports say.
The company had planned to launch its IPO in 2024, aiming to dilute a 10-15% stake. Half of this offering would comprise an offer for sale by its two private equity investors.
Devendra Fadnavis, the state chief minister said in a post on social media platform X, 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.