JSW Group on Tuesday announced plans to invest Rs 3 lakh crore in Maharashtra across its businesses.
The diversified conglomerate signed a memorandum of understanding with the Maharashtra government, on the sidelines of the World Economic Forum event at Davos in Switzerland.
The investments will include expansion and enhancement of steel manufacturing capacities with clean green technology, green energy projects, establishing advanced manufacturing units for new-age electric vehicles, facilities for high-performance EV batteries and strengthening the solar energy ecosystem, according to a statement.
The government will facilitate the investment by expediting clearances, providing fiscal incentives, and ensuring the availability of land, water, power, and other infrastructure according to the state's policies, it said.
The commitment from JSW is a significant step in fulfilling the state's vision to develop Gadchiroli as the 'steel city' of India, Chief Minister Devendra Fadnavis said, adding that the announcement is a clear testament to their confidence in the state's potential.
"I am confident that this collaboration will further strengthen Maharashtra's position as an industrial and economic powerhouse, driving innovation, job creation, and long-term prosperity for our people," the CM added.
Group Chairman Sajjan Jindal said the state has been pivotal to JSW Group's journey of growth and innovation.
"This investment will not only boost industrial development but also drive India's green transition with sustainable technologies, clean mobility and renewable energy solutions," he added.
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