JSW Motors, the automotive arm of JSW Group, plans to invest USD two billion in setting up its first electric vehicle (EV) plant in Sambhajinagar, Maharashtra.

CEO Ranjan Nayak confirmed that nearly USD one billion (around Rs 8,300 crore) in funding has been lined up from a leading national bank, with financial closure expected this week. The project will be financed through a 30:70 equity-to-debt mix.

The plant's first phase will have a capacity of 5,00,000 units annually, scalable to two million cars over five to six years with an additional facility in Bhubaneswar. The initial rollout, expected in Q2/2026, will be a plug-in hybrid or fully electric car.

JSW is also setting up lithium and cell manufacturing units and collaborating with global tech providers to localise EV components. This move marks JSW’s foray into India’s EV sector, leveraging group synergies and capital strength.