NEW DELHI: Billionaire Sajjan Jindal-led JSW Group said on Tuesday that it has signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to invest Rs 3 lakh crore across critical sectors.
The MoU was signed at the World Economic Forum in Davos, Switzerland.
Devendra Fadnavis, Chief Minister of Maharashtra, expects the MoU to generate employment opportunities for people in the regions of Chhatrapati Sambhajinagar, Gadchiroli and Nagpur.
“Signing of an MoU with JSW Steel, a company with diverse investments across key sectors such as steel, solar, auto and cement in Maharashtra, is a significant step in fulfilling our vision to developing Gadchiroli as the ‘steel city’ of India,” said Fadnavis.
The investment, according to a statement issued by the JSW Group, will focus on expanding and enhancing steel manufacturing capacities with clean green technology, pioneering green energy projects for a sustainable future, strengthening the solar energy ecosystem and driving Maharashtra’s infrastructural transformation.
The MoU also stated establishing advanced manufacturing units for new-age Electric Vehicles (EV) and developing facilities for high-performance EV batteries. JSW Group recently forayed into India’s automobile sector by forming a joint venture (JSW MG Motor India Pvt Ltd) with China’s largest carmaker SAIC Motor. JSW also has plans to launch its own EVs by 2027.
On its MoU with Maharashtra, JSW said the strategic initiative aims to create thousands of jobs, enhance industrial capabilities, and contribute to sustainable economic growth.
“This investment will boost industrial development and drive India’s green transition with sustainable technologies, clean mobility and renewable energy solutions,” said Sajjan Jindal, JSW Group chairman.