India- JSW Energy Limited1 of Maharashtra, announced a plan to launch electric buses and light pick-up trucks apart from cars with a capex plan USD948.91m for the new venture.
Last year Aug 2018, the company has no touch in automobile space, had announce their plan to make a foray into new verticals, includes electric vehicles, energy storage business and charging infrastructure. In continuation they acquired JSW Electric Vehicles Pvt Ltd2, is part of diversification strategy of JSW Energy Ltd to foray into electric vehicles, energy storage systems and charging infrastructure.
Prashant Jain, MD & CEO, JSW Energy Ltd said "We've now decided to widen the scope of our proposed EV business by including buses and light pick-up trucks,"
1JSW Energy Limited is a division of JSW Group in India. They are in various areas of power: Generation, Transmission and Trading. JSW Energy operates 4,531 MW (Thermal - 3,140 MW & Hydel - 1,391 MW) of power generation capacity. The Company’s presence extends across India and also includes stakes in a coal mining Company in South Africa.
2JSW Electric Vehicles Private Limited is a Private incorporated on 18 July 2017. The shareholders of JSW Electric Vehicles before this acquisition were Magnificient Merchandise and Advisory Services Private Ltd (a company owned by promoter of JSW Energy) and Parth Jindal. The acquired entity has been set up to manufacture electric motor vehicles, all types of parts, spare parts, engines, appliances and apparatus, equipment, etc.
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