Jan 21 Reuters Billionaire Sajjan Jindalled JSW Group said on Tuesday that it will invest 3 trillion rupees 34.67 billion in the Indian state of Maharashtra to expand the conglomerate39;s presence in electric vehicles, batteries, steel, and green energy sectors.

The portstocement JSW conglomerate and the government of the western Indian state of Maharashtra home to the country39;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 lithiumion battery production, steel manufacturing expansion, and renewable energy projects, including solar modules.

State 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 Maharashtra39;s industrial environment.

The Maharashtra government will offer fiscal incentives and expedite clearances for the group39;s projects as part of the agreement, JSW said.

1 86.5400 Indian rupees

Reporting by Hritam Mukherjee in Bengaluru; Editing by Tasim Zahid

Source Reuters