Tesla-free India becomes EV battleground as JSW enters fray

Steel conglomerate plans annual production of 400,000 vehicles

20240307N MG Motor

JSW also plans to invest in a more-than-30% stake in MG Motor's Indian subsidiary. (Photo by Ryosuke Hanada)

RYOSUKE HANADA, Nikkei staff writer

MUMBAI -- As foreign and domestic players scramble to grab a piece of India's emerging EV market in the absence of Tesla and BYD, steel and energy conglomerate JSW Group plans to invest 400 billion rupees ($4.8 billion) to build a vehicle and battery factory.

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