JSW Energy to diversify and launch electric vehicle by 2020
JSW Energy is diversifying and investing in energy manufacturing to now include an electric car and charging infrastructure.
Mumbai, India: JSW Energy Limited announced total Income from operations for the quarter at Rs 2,232 crore down 9% from Rs 2,450 crore in the previous quarter. The Board of Directors have approved the company’s foray into electric vehicle, electrical battery / energy storage system, and charging infrastructure manufacturing either directly, or through subsidiaries it sets up. Capital investment is in the region of Rs 3,500 – Rs 4,000 crore in three years.
Chief Financial Officer Jyoti Kumar Agarwal has been appointed Additional and Whole-Time Director for a period of 5 years. With the Indian automobile industry projecting growth, the market provides an opportunity to new entrants to venture into electric vehicle technology projects. JSW Energy plans to launch its own electric vehicle by 2020 under the ‘Make in India and Make for India’ momentum.
JSW aligns its new electric vehicle foray with Government of India’s ambitious plan of all electric cars by 2032. Among other things, the move will contain the fuel import bill. The vision of all electric in India was announced earlier in the year by Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New and Renewable Energy at CII Annual Session 2017.
With needs arising and charging infrastructure being at a nascent stage, JSW Energy looks forward to capitalise on new opportunities. The move will create new growth opportunities for the company. JSW Energy is keen on developing charging infrastructure and necessary systems to aid electric vehicle market growth.
Apart from energy storage systems for electric vehicles, the country shows promise for storage systems in static applications, i.e., telecom, micro grids, solar storage system for household, and power banks. JSW Energy is eyeing energy storage systems business for static and mobility apps, the next step forward from its current power generation business. Government spending on infrastructure development, favourable interest rates and GST implementation should boost GDP growth and power demand.