JSW Group might resurrect plans to produce electric vehicles: Report

12 Dec 2022 , 10:49 AM

Sajjan Jindal’s JSW Group is re-evaluating EV car production after giving up on an attempt in 2019 to enter the electric vehicle (EV) manufacturing market.

The difference this time is that, unlike the group’s previous offer, which was under JSW Energy, the EV business will probably be taken up by a private group organization.

JSW Group has spoken with business-friendly states about the potential for constructing a factory and the probable incentives. The ideas are still in the early stages, and the company has not yet selected a technological partner.

The JSW Group announced its entry into the EV manufacturing industry in 2019. Due to severe business uncertainty and the necessity to save money for development potential in the electricity sector, the company abandoned this strategy just 18 months after it was first announced.

The corporation had set aside Rs 6,500 crore for this project and was in advanced negotiations to buy General Motors’ manufacturing facility in Talegaon, close to Pune.