JSW Group to Raise Rs 1,487 Crore for New EV Unit in Maharashtra

JSW Group, one of India’s leading conglomerates, is set to raise approximately Rs 1,487 crore through a long-term loan to establish a greenfield electric vehicle (EV) manufacturing facility in Maharashtra. According to reports, the facility, to be developed under the newly incorporated JSW Greentech Ltd, will be located on a 100-acre site in the Aurangabad Industrial City (AURIC) at Bidkin. 

The plant is designed to have an annual production capacity of 10,000 electric buses and 5,000 electric trucks, along with a supporting ecosystem for EV components. The remaining capital expenditure for the project will be funded through equity infusion from the JSW Group.  

This ambitious venture marks a significant step in JSW Group’s expansion into the green mobility sector, aligning with India’s push towards sustainable transportation and reduced carbon emissions. The facility is expected to bolster the group’s presence in the rapidly growing EV market, complementing its existing initiatives in the automotive space.  

In an earlier interview with Autocar Professional, Parth Jindal, a key figure in JSW Group’s leadership, had outlined the conglomerate’s broader ambitions in the EV sector, emphasizing that the group’s interest extends beyond its existing joint venture (JV) with MG Motor India. Jindal highlighted JSW’s intent to explore independent avenues in EV manufacturing, stating, “We are not limiting ourselves to the JV with MG. Our vision is to create a robust ecosystem for electric vehicles in India, and we are actively looking at opportunities to innovate and scale up in this space.” This new EV unit in Maharashtra is a clear manifestation of that vision, signaling JSW’s intent to establish itself as a standalone player in the EV market while continuing to leverage synergies from its partnership with MG Motor India.  

The Maharashtra project is part of JSW Group’s broader strategy to invest heavily in green mobility, with previous announcements indicating plans to establish large-scale EV and battery manufacturing facilities across India. The group’s focus on sustainability and innovation positions it as a key player in India’s transition to a cleaner, greener automotive future.