JSW Group Of India Appears Poised To Take Big Leap In EV Segment

The JSW Group, one of India’s largest business conglomerates, has been diligently working to expand its presence in the steel industry, a crucial component utilized across various sectors and industries worldwide. The company’s efforts have made it a prominent player in the Indian steel market, with many associating the name JSW with steel production.

Recent reports suggest that the JSW Group is now considering venturing into the electric vehicle (EV) market. The organization is exploring collaborations with established EV manufacturers to make its foray into this rapidly growing sector.

According to market reports and news updates, JSW is currently in discussions with two renowned Chinese EV brands, BYD and Geely. BYD is presently the world’s top-selling EV manufacturer, making it a significant potential partner for JSW’s electric vehicle aspirations.

Interestingly, JSW’s ambitions are not limited to the EV car segment alone. The group is also reportedly keen on entering the electric trucking business, demonstrating its comprehensive approach to the EV market.

A recent report by Business Standard sheds light on the substantial investments JSW Green Mobility has planned for its EV venture. The company has committed to investing Rs 27,200 crore (approximately $3.3 billion) in Chhatrapati Sambhajinagar, Maharashtra, to establish a manufacturing facility for electric and hybrid vehicles. The project aims to produce an annual output of 500,000 electric cars and 100,000 commercial vehicles. This venture is one of seven projects recently approved by the Maharashtra Cabinet, set to commence in September 2024.

To support its EV endeavors, JSW Green Mobility has appointed Rajiv Mehta as the chief of business and has hired Manoj Surana, a former executive of electric bus maker Olectra Greentech, as the head of homologation and technical aspects.

As the JSW Group embarks on this new journey, it will be interesting to observe how its expertise in the steel industry and strategic partnerships with leading EV manufacturers shape its success in the dynamic and rapidly evolving electric vehicle market.