India's JSW Group is investing INR 400 bn (USD 4.9 bn) in EV manufacturing in India, Reuters reports. The group has earmarked INR 250 bn from the investment for an EV battery factory in the first two phases of its plan, and INR 150 bn for an EV components manufacturing plant in the third phase. The group also partnered with China's SAIC Motors in November to develop a system for EVs and green mobility.

Part of bigger goals: EVs made up 2% of India’s car sales in 2023 and the country aims to boost the share to 30% by 2030. India is also exploring cutting import taxes for EVs to boost local production, a government official told Reuters.

Australian investment group Macquarie has raised more than EUR 8 bn for its new European Infrastructure Fund 7, the largest of its kind on the continent, according to a statement. The fund aims to invest in critical assets and infrastructure companies in the decarbonisation, digitalisation, and circular economy sectors, among others. The fund attracted investors from pension funds, ins. companies, sovereign wealth funds, and family offices, mainly from Europe, the Middle East, Africa, and Asia-Pacific, The Financial Times writes.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Petrobras to expand renewables portfolio: Brazilian oil firm Petrobras is eyeing stakes in already operational solar and wind projects with the aim of creating a 2 GW renewable energy portfolio. The company is looking to invest USD 5.2 bn in solar and wind projects by 2028, but did not disclose how much it will invest this year. (Reuters)
  • Chile’s Codelco secures first lithium asset worth USD 253 mn: State-owned copper mining company Coldeco got approval from its shareholders to aquire Australia’s Lithium Power International company, which is valued at USD 253 mn. This marks the first lithium purchase for Codelco, the world’s biggest copper producer. (Bloomberg)
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