Metals Tycoon Plans to Make Electric Vehicles in India by 2020
- JSW Group will set up electric car business on its own
- Group will consider setting up a joint venture for batteries
JSW Group Plans Venture Into Electric Cars by 2020
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JSW Group, an Indian conglomerate with interests in metals to power generation, plans to venture into electric cars by 2020 on expectations the government will promote such vehicles and falling battery prices will make them more affordable.
The Mumbai-based group will set up the electric-vehicle business on its own and initially buy batteries from suppliers, Chairman Sajjan Jindal, 57, said in an interview with BloombergQuint at the World Economic Forum in Davos. It would consider setting up a joint venture for making batteries in the longer term, he said without providing details.