Jobaaj Stories
Specific reports have suggested that the Sajjan Jindal-led JSW Group is planning to foray into the EV space and manufacture electric vehicles.
Interestingly, this is not the first time the group has announced its intent to jump into the large EV market. In August 2017, the company announced its decision to throw its hat into the growing EV 4-wheeler sector.
At the time, the Group was working towards its aim of making and launching 100% electric cars, under the wing of JSW Energy, by 2020. The company had also signed an MoU with the Gujarat government for the setup of a Rs 4,000 crores EV manufacturing plant in the state.
The plant, which was planned to be set up around Dasada and provide around 4,000 direct jobs, was expected to have a manufacturing capacity of 200,000 units per year! However, the Group shelved its plans in April 2019 on account of "higher than anticipated uncertainties associated with the EV business".
However, the Group always maintained its stance on the importance of EVs. In December 2021, the company announced a first-of-its-kind EV policy whereby company employees were being provided an incentive of up to Rs 3 lacs & free-of-cost dedicated charging stations and green zones to purchase EVs.
In August 2022, rumors began floating after the company partnered with ElectricPe to develop EV charging infrastructure. According to sources, the company will not be manufacturing under JSW Energy, but under a private group entity.
By entering into this market, the JSW Group will be facing off against veteran players like Tata Motors to compete in the Indian EV market, which is expected to be worth around $206 billion by 2030 and be the third largest in the world.
The stock of JSW Energy closed at Rs 284.45 per share today, down 1.9%.
Article by Aman Agarwal.
