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New Delhi: 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, Parth Jindal, director of JSW MG Motor India told ET.
The collaborations are part of a broader strategy by the conglomerate to grow its footprint in the evolving mobility segment.
The Sajjan Jindal-led 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.
Jindal was speaking on the sidelines of the Bharat Mobility Global Expo where JSW MG Motor India is showcasing several new energy vehicles including electric and plug-in hybrids. JSW MG Motor is a joint venture with China’s SAIC Corp.
“We are in a very advanced stage of discussions. The work at the plant should begin within the next couple of months and the tie-ups are more or less in place, final documentation going on,” said Jindal.
Last year, the group announced that it was investing INR 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.
Jindal said 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.
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The collaborations are part of a broader strategy by the conglomerate to grow its footprint in the evolving mobility segment.
Read by: 100 Industry Professionals
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New Delhi: 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, Parth Jindal, director of JSW MG Motor India told ET.
The collaborations are part of a broader strategy by the conglomerate to grow its footprint in the evolving mobility segment.
The Sajjan Jindal-led 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.Jindal was speaking on the sidelines of the Bharat Mobility Global Expo where JSW MG Motor India is showcasing several new energy vehicles including electric and plug-in hybrids. JSW MG Motor is a joint venture with China’s SAIC Corp.“We are in a very advanced stage of discussions. The work at the plant should begin within the next couple of months and the tie-ups are more or less in place, final documentation going on,” said Jindal.
Last year, the group announced that it was investing INR 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.
Jindal said 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.