JSW plans tie-ups for EVs and batteries

JSW Group will soon be finalising multiple technology partnerships to drive its foray into electric car and commercial vehicle production, as well as battery manufacturing. The collaborations are part of a broader strategy by the conglomerate to grow its footprint in the evolving mobility segment. The group’s plans track a continuing shift in the Indian car market towards electric cars as automakers strive to cut carbon emissions to meet advanced stringent emission norms.

Last year, the group announced that it was investing Rs 27,200 crore in Chhatrapati Sambhaji Nagar in Maharashtra to build a large-scale factory for EVs and hybrids. The new businesses will come under JSW Group’s wholly owned holding company, JSW Auto, which will create a subsidiary each for electric cars and electric CVs, said Jindal. The new holding company that will also see the launch of EV brands under JSW will be independent of its year-old venture with SAIC.

JSW Group had earlier said it plans to set up manufacturing facilities with an annual production capacity of 100,000 commercial vehicles, 300,000 electric cars, and 50 GWh batteries for both mobility and energy storage systems. Once JSW MG Motor India attains its target of selling 200,000 cars annually, the company will launch an initial public offering to raise funds for expansion, including building a third factory at a second location.