JSW Energy to Enter EV Segment

JSW Energy today unveiled its plans to foray into the electric vehicles (EVs) and energy storage segments and said it will invest up to Rs 4,000 Cr in the project over the next 3 years. The company expects to roll out its first electric vehicle by 2020, JSW Energy Joint MD Prashant Jain told reporters after the announcement of June quarter earnings. "Being a large conglomerate, our aim is to keep looking at growth opportunities. Today, the scope in power business is limited and therefore we decided to make an entry into the electric vehicles and energy storage and charging stations segments," Jain said. "We hope we will roll out our new car under the JSW brand by 2020. We will also look for technology partnering for the same," Jain said. JSW group has announced its foray into the segment at a time when the govt is aiming to ensure all-electric car fleet in the country by 2020. Mahindra Group is currently the only player in the electric vehicles segment in the country. "We are looking at states like Maharashtra, Gujarat, Rajasthan, Tamil Nadu and Andhra Pradesh for this. We want 60% of manufacturing should be localised," Jain said. He further said that the charging station infrastructure and other associated businesses will not only be integrated for the power and EV businesses but will also operate on a standalone basis for mobility and static applications.