jsw energy to foray into electric vehicles - battery energy storage system

JSW Energy Ltd.
Part of Sajan Jindal
Led JSW Group announced its decision to enter the emerging sector of electric vehicles within three years with a capital investment plan of Rs 500 to RS.
On Friday, the board approved the company's entry into the manufacturing business of electric vehicles, power batteries, energy storage systems and charging infrastructure.
"The Indian auto industry is at an inflection point in terms of overall market size growth, and new entrants have gained a level playing field due to the disruption of electric vehicle technology, a company statement said.
"JSW Energy seeks to participate in this revolutionary market opportunity and plans to launch its own electric vehicle by 2020 with the vision of 'Made in India, made in India '.
"This is a good move because the industry offers huge growth opportunities," said Abdul Majid, a partner and leader in PwC's automotive industry . ".
"However, addressing challenges is key to success.
Sajjan Jindal, chairman and MD of the JSW Group, recently said on the electric vehicle side, "We are working on this project.
This is a new technology. I hope the products will be available by 2020.
JSW Energy said it will bring world-class products suitable for Indian conditions to meet the needs of Indian customers.
The company added: "Our strategy is aligned with the vision of the Indian government to make all cars electric by 2032, which will ease the pressure on our economy by reducing fuel import bills.
The company said that as energy space continues to evolve with energy storage systems and charging infrastructure that represent the next phase of development, it wants to stay ahead of the curve and go beyond current trends to take advantage of these new opportunities, create new growth momentum for yourself.
As part of this, JSW Energy says it will help build charging infrastructure and the necessary ecosystem to accelerate the penetration of electric vehicles in India.
"India has great opportunities not only for electric vehicles, but also for other static applications such as solar storage systems for telecom, microgrids, home and power banks.
JSW Energy plans to enter the Energy storage system business in both static and mobile applications as it will move forward the existing power generation business into the distribution space, "it added.
Prashant Jain, joint MD and CEO of JSW Energy, will lead the business.
It is not clear whether the company will work with Tesla on this project to track the project quickly.