Mumbai-headquartered JSW Energy, a division of Sajjan Jindal-led JSW Group, has announced plans to launch electric vehicles (EVs) by 2020. In line with the company’s “Make in India and Make for India” vision, the initiative is a means for JSW Energy to venture into emerging verticals, including energy storage and charging infrastructure.
To diversify its business operations into EVs and renewable energy storage, the company has committed $545.72 Mn-$623.68 Mn (INR 3,500 Cr-INR 4,000 Cr) for the next three years.
Commenting on the development, JSW Energy Joint MD and CEO Prashant Jain stated, “We have been seeing very limited space for growth in the power sector. We will start with around 60 per cent localisation in India. We are considering and evaluating opportunities for setting up a manufacturing facility in several states, including Maharashtra, Gujarat, and Rajasthan, and also Tamil Nadu and Andhra Pradesh.”
The country’s automobile industry is headed towards large-scale reformation as a result of the arrival of disruptive technologies like electric vehicles, renewable energy, and zero-emission hydrogen fuel. To take advantage of these emergent technologies, JSW Energy is looking to build electric vehicles that cater to the needs of Indian customers, and are also suitable for Indian conditions.
To that end, the company is already in talks with a number of leading technology partners, whose names have not yet been disclosed.
Aimed at a faster penetration of electric vehicles in India, the newly-announced initiative will also entail the creation of a pervasive network of electric charging stations across the country. Furthermore, JSW Energy is poised to enter the energy storage systems business for static as well as mobile applications, such as micro grids, telecom, power banks, and solar storage systems for households.
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