One of India’s largest business conglomerates, the JSW Group led by Billionaire Sajjan Jindal, may soon be planning to set its foot into electric car manufacturing. The news comes from Reuters, which cites people close to the matter.
The group already has a significant presence in various important sectors such as Steel, Energy, Minerals, Port , Infrastructure & Cement in multiple locations across India, US, South America and Africa. It seems like it is aiming to get into Electric vehicles next.
Due to high costs, expensive batteries and deficiency in power, the concept of electric vehicles has failed miserably in the country. The sector has also been shunned, largely because the price conscious Indian market did not give a particularly warm reception to the models that were launched. That is an issue that Jindal, or anyone else loooking to bring EVs here, will have to solve first.
However, the current government has been doing its bit to boost support for non-polluting vehicles.
Thanks to the visitations made by the Indian Transport Minister, Nitin Gadkari, who promised to support U.S. electric car maker Tesla Motors should they come to India, and JSW’s own supply of steel and other material and technologies that would be relevant for a car making adventure — materialization of this plan now seems possible.
According to a source close to JSW ,
The company was aiming for technology like Tesla.
Whether or not JSW will collaborate with the U.S. car maker is yet to be divulged.
As of now, Mahindra and Mahindra limited is the only Indian firm of note that makes electric cars. However, the sales of these cars have not reached their expected target.
Apparently, a team of eight officials has already been taken into the fold by JWS, who have been working on the car project for the past few months. Jindal has also interviewed a couple of Indian automobile executives to head the division, including one people currently working with Nissan in Japan, said the source.
Well, we will have to wait for official confirmation. If true, there rumors could point to an Indian Tesla in the making.