Jindal-owned JSW plans to invest ₹40k cr to build EVs

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Jindal-owned JSW plans to invest ₹40k cr to build EVs

Large Corporate 12 Feb 2024 02:15 PM IST Business Standard

Billionaire Sajjan Jindal-owned JSW Group intends to establish an electric vehicle (EV) venture in Odisha, which will involve building a battery storage facility as well as electric passenger cars and commercial vehicles (CVs). The investment of ₹40,000 crore, spread over the next few years, will be the largest investment in an EV capacity in India so far.

The project will be a separate initiative from the joint venture planned by the group in association with SAIC Motor Corp in which the group has picked up a 35% stake. SAIC currently operates MG Motor India which is selling two electric cars in the Indian markets. MG Motor has a plant in Halol in Gujarat which manufactures both EVs and internal combustion engine cars. None of the listed JSW group's listed companies are participating in the electric vehicle project.

"We aim to revolutionise the automotive industry by producing high-quality batteries and EVs which are not only affordable but also technologically advanced," Sajjan Jindal said in an emailed statement to this paper. "We will focus on high-end research to produce “designed by and for Indians” and we seek to redefine the way people commute and power their lives by enhancing EV penetration," Jindal said.

According to industry estimates, the price difference between electric cars and internal combustion engine (ICE) vehicles is almost 30%. The group plans to bring down EV cars on par with the combustion engine cars, said a source in the group. The cars would be priced at around ₹20 lakh.

China has sold 10 million EVs, whereas, India has sold around 0.1 million. As per Jindal, China has set up a 2,000 gigawatt (GW) battery plant and till now India has not set up one GW plant. "We seek to redefine the way people commute and power their lives by enhancing EV penetration," Jindal said.

As per the plan, Jindal would set up a 50 GWh battery plant for both mobility and energy storage systems, a commercial e-vehicles plant to produce 100,000 vehicles a year, and a passenger electric car plant with 300,000 cars making capacity. The group will also set up an auto component manufacturing plant for e-power train production.

Also Read : Jindal Stainless acquires 100% stake in Evergreat International Investment Tata Motors abandons its EV fundraising plan amid unfavourable market conditions and relies on PLI funds

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Jindal-owned JSW plans to invest ₹40k cr to build EVs

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