NEW DELHI - India's JSW Group will set up electric vehicles and battery manufacturing projects in the country's eastern state of Odisha at a cost of 400 billion rupees ($4.82 billion).

The company and the state government have signed a memorandum of understanding "for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project" in two cities, they said in a joint statement on Saturday.

The Indian cement to energy conglomerate JSW Group had formed a joint venture in India with China's SAIC Motor in November, with a focus on green mobility and developing the electric vehicle ecosystem.

Through its phased projects in Odisha, JSW Group will take on both domestic and international players in India's EV market.

Electric models made up around 2% of India's car sales last year, with Tata Motors dominating the market, but the government is targeting a 30% share by 2023.

($1 = 83.0000 Indian rupees)

(Reporting by Neha Arora. Writing by Krishn Kaushik. Editing by Sam Holmes.)