JSW Group mulls over EV foray
May manufacture 4-wheelers
image for illustrative purpose
New Delhi: Sajjan Jindal-led conglomerate JSW Group is considering a foray into the manufacturing of electric vehicles (EVs), according to a top official of the group.
"The group had examined EV manufacturing plans earlier also, but now it is becoming attractive," said Seshagiri Rao, CFO, JSW Group.
The manufacturing of EVs is being discussed actively at the group level, he said, while divulging JSW Group's plan to expand its presence into more sectors. The group is looking to manufacture four-wheelers, Rao said. When asked about details of the manufacturing location, he said it is yet to be decided. On the timeline for the launch of an EV manufacturing facility, he said, "it (plan) is at advanced stages."
JSW Group company JSW Steel owns and operates a one million tonne per annum (MTPA) steel plant at Salem in Tamil Nadu. The company manufactures auto-grade steel at Salem plant and supplies the high-value steel to automobile companies including the EVs makers. Besides, the $22-billion group has a significant presence in sectors like energy, infrastructure, cement, paints, venture capital and sports.
