JSW Group to invest $35 billion in Maharashtra to expand in EV and green energy sectors

Chief minister Devendra Fadnavis, in a post on social media platform X, said that the investment would create 10,000 jobs

Billionaire Sajjan Jindal-led JSW Group said on Tuesday that it will invest Rs 3 trillion ($34.67 billion) in 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 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.

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.