In August last year, JSW Energy had announced in the new business such as electric vehicles, energy storage area and charging infrastructure sector.
Given the incentives are given to electric vehicles by the government and the increasing demand for e-vehicles, the country’s major JSW Energy is planning to land in this area. The company has planned to increase the investment in its new venture to Rs 6,500 crore. In such a situation, the company can present its electric car soon. Not only this, the company is also working on plans to build electric buses and light pickup trucks.
It is worth mentioning that in August last year, JSW Energy had announced the launch of new vehicles like electric vehicles, energy storage area and charging infrastructure sector. The company has so far no record of business in the automobile sector.
JSW Joint Managing Director and Chief Executive Officer Prashant Jain said that we have decided to increase the scope of our proposed Electric Vehicle (EV) business. Our first plan was limited to cars, now we have decided to make buses and light pick up trucks too.
Jain told that the company would invest INR 6,500 crore in the next three years in the EV business. The company had earlier intend to spend Rs 3,500-4,000 crore in this business. He said that in the current financial year, the company will invest Rs 1,000 crore.