JSW Energy a leading power company in India, operates 4,531MW (thermal – 3,140MW and Hydel – 1,391MW) of power generation in the country. The company signed a Memorandum of Understanding (MoU) with Maharashtra state yesterday, for manufacturing of electric vehicles (EVs) and energy storage systems.
As per the MoU, the company will set-up manufacturing facilities for EVs and energy storage systems, subject to receipt of internal corporate approvals.
The company in August 2017, had announced its plans to foray into electric vehicle space when it signed an MoU with Gujarat government to manufacture EVs and associate business in the state. JSW Energy had said it will invest up to Rs 4,000 crore in the project over the period of three years.