jsw energy to enter electric vehicle segment - energy storage devices
Mumbai: Sajan Jindal
Led JSW Energy announced plans to enter electric vehicles today (EVs)
It said it would invest as much as 4,000 rupees in the next three years.
Prashant Jain, co-managing director of JSW Energy, told reporters after announcing quarterly earnings for 2020 that the company expects to launch its first electric vehicle by June.
The energy giant reported today that its combined net profit fell by Rs 217.
The first quarter ended June 30 was mainly due to rising fuel costs and falling revenue.
"As a large enterprise group, our goal is to keep looking for growth opportunities.
"Today, the scope of the power business is limited, so we decided to move into the field of electric vehicles and energy storage charging stations," Jain said . ".
He said the company plans to invest up to Rs 4,000 over the next three years to build manufacturing facilities for producing cars, energy storage batteries and manufacturing charging stations.
"We hope to launch the new JSW brand by 2020.
"We will also look for technical cooperation for this," Jain said . ".
When the JSW Group announced its entry, the government's goal was to ensure that all-
By 2020, the country's electric vehicle fleet.
Mahindra Group is currently the only participant in the field of electric vehicles in the country.
The government is actively trying to promote the sales and production of electric vehicles in the country through plans such as "Indian reputation", which has aroused interest in Chinese automakers such as BYD and SAIC, they have invested heavily in electric technology.
As part of efforts to reduce Indian crude imports, alternative fuels such as electric and hybrid vehicles and ethanol are gaining traction.
The NITI Aayog report estimates that India can conservatively save up to 64 of the expected passenger flow costs
As at 2030, 37 were concerned with energy demand and carbon emissions.
As far as the current oil price is concerned, this means that the net fuel cost is saved by about RS 3.
The report says lakh crore had died by 2030.
Aim to promote ecological civilization
Friendly vehicles, the government launched the Fame India program in 2015, offering electric and hybrid car rewards of up to Rs 29,000 crore for bicycles and Rs 1.
Lakh of 38 cars.
The company is also evaluating locations where car manufacturing facilities can be set up, Mr. Jain said.
"We are looking at states like Maharashtra, Gujarat, Rajasthan, Tamil Nadu and Andhra Pradesh.
"We hope that the manufacturing sector of 60 should be localized," Jain said . ".
When asked about the company's plan to fund the project, he said it would be done through a mix of debt equity and internal accrued profits.
"We have a comfortable debt equity ratio and we are working to lower it further.
Besides, we have good cash flow.
This will help us to fund this project.
"Due to the high demand in the electric vehicle sector and its adjacent businesses, we decided to enter the segment, causing a total disruption to the internal combustion engine automotive market," Jain said . ".
He also said that the charging station infrastructure and other related businesses will not only be integrated for the power and electric vehicle business, but will also operate on an independent basis for mobile and static applications.