JSW Group in talks with multiple technology partners to expand beyond electric PVs

JSW Group, which already has a EV tie-up with China's SAIC, is looking to expand its mobility business by entering into different segments like electric buses, trucks, cars and battery manufacturing through technology partnerships with multiple companies.

“Despite of whatever the competition is doing, not enough is being done on new energy vehicles. So, whether it's on buses, trucks, or on cars, JSW has its own ambitions as to get into that space and we are investing in Aurangabad for the JSW mobility business,” Parth Jindal, Director, JSW MG Motor India told reporters at the Bharat Mobility Global Expo.

The group is expected to shell out around $1 billion to launch its own independent range of cars, trucks and buses under the JSW brand.

JSW is also looking at a new manufacturing facility in Odisha. “For now, we have commenced work in Aurangabad. It’s not that we are moving anything from Odisha, we are keeping Odisha open where we continue with some of the investments in Odisha now and we will make subsequent investments in time, but that will take more than two years. We need to invest in many states so we are, as a group, always looking at new opportunities in new states,” Jindal added.

SAIC Tie-up

At the same time Jindal added that its existing JV with MG Motor has a lot of potential for growth.

“When it comes to JSW MG, we believe that we have just scratched the surface in this company. And I think the joint venture is a very powerful one and there is a huge opportunity in India. Today we are a marginal player in this space. We have 1.5% market share in this country and JSW will never be satisfied unless we are in the top 3 of any industry that we are in,” he said.

He added that the JSW’s vision for JSW MG is to come into that top 3 while being number 1 in new energy vehicles.

“There is a large opportunity and with JSW MG and JSW, we should be able to fulfill that opportunity and scale the overall business for the group and for our partners. We are not looking for an equity partner, but a technology partner to fulfil that,” Jindal added.