JSW Energy inks pact with Maharashtra to set up manufacturing unit for EVs

The company has planned to roll out its first electric vehicle by 2020

Sajjan Jindal led JSW Energy announced on Monday that it has signed a pact with Maharashtra for setting up a manufacturing unit for Electric Vehicles (EV) and Energy Storage Systems in the state.

"In addition to the earlier MoU with the Government of Gujarat with respect to EV manufacturing and associated businesses, the company has now entered into another MoU with the Government of Maharashtra for setting up facilities for the manufacturing of EV and Energy Storage Systems in the state of Maharashtra, subject to receipt of internal corporate approvals," the company said in a BSE filing.

In August last year, the company had unveiled its plans to foray into the EVs and energy storage segments saying it will invest up to Rs 40 billion in the project over the next three years.

The company had planned to roll out its first electric vehicle by 2020. It is looking at states like Maharashtra, Gujarat, Rajasthan, Tamil Nadu and Andhra Pradesh for this venture. It intends to have 60 per cent localised manufacturing.