JSW Group, a conglomerate ranging from metals to power generation, is planning to venture into the automobile sector by developing electric vehicles by 2020.
The company expects that the government will promote electric vehicle and the price of the battery falling down, the zero-emission vehicles will be more affordable.
The Mumbai-based firm is all set to enter the electric vehicle business on its own and in the initial phase, JSW will buy batteries from suppliers. This was stated by JSW Chairman, Sajjan Jindal.
In an interview with BloombergQuint at the World Economic Forum in Davos, Jindal stated that the company would be looking for a joint venture to manufacture batteries at a later stage, although he did not provide any details about the new venture.
Currently, Mahindra & Mahindra is the only auto maker to offer fully electric car in the Indian market. Whereas manufacturers such as Maruti Suzuki and Toyota offer hybrid cars.
Jindal said, "Now there is a great opportunity, there is a new technology. And I believe we can do a great job. We can build a nice and interesting electric car in India."
Jindal expects the government to take steps to support electric vehicle industry. He also revealed that his son will focus on electric two-wheelers as a separate business and might introduce them into the market ahead of electric cars.
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