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.”