JSW Energy to build plant to manufacture electric vehicles in Gujarat

Key highlights:

• JSW Energy announced that it will build a plant to manufacture electric vehicles in Gujarat
• It has entered into a MoU with the Gujarat govt for the manufacturing of electric vehicles, energy storage systems
• It will set up a facility in the State for the manufacturing of Electric Vehicles, Electric Battery

JSW Energy announced that it will build a plant to manufacture electric vehicles in Gujarat. The company said that it has entered into a Memorandum of Understanding (MoU) with the Government of Gujarat for the manufacturing of electric vehicles, energy storage systems and associated business in Gujarat, as per its statement filed with BSE.

“Further to our letter dated August 11, 2016 on the above mentioned subject, we wish to inform you that, subject to internal corporate approvals, the Company has entered into a MoU with the Government of Gujarat on September 26, 2017, to set up a facility in the State for the manufacturing of Electric Vehicles, Electric Battery/ Energy Storage Solutions (ESS) and charging infrastructure,” it said in the statement.

This comes as several automobile companies have been looking to make a big thrust into the electric vehicle market. Some of them include Maruti Suzuki, Tata Motors, Hyundai, Ford Motor, Mahindra & Mahindra, among others.

The government has fixed an ambitious target of 2030 for all vehicle sold in India to be electric. It has even announced several incentives and subsidies for those buying electric vehicles in order to give it a big push.

As a result many of these companies are looking at entering the market with their own electric vehicle models soon.

This has seen several energy companies such as Tata Power, NTPC and other power companies looking at entering the electric vehicle charging and infrastructure space in order to get ahead start.

JSW Energy however does not mention whether the electric cars produced in the plant will be for other automobile manufacturers or if it plans to sell cars under its brand name.

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