The JSW Electric Vehicles is part of diversification strategy of JSW Energy Ltd to foray into electric vehicles, energy storage systems and charging infrastructure, JSW Energy said in a BSE filing today.
In August last year, JSW Energy had announced about its venture in the electric vehicles, energy storage systems and associated business, directly or through one or more subsidiaries.
The shareholders of JSW Electric Vehicle before this acquisition were Magnificient Merchandise and Advisory Services Private Ltd (a company owned by Promoter of JSW Energy) and Parth Jindal (a relative of promoter of JSW Energy).
The acquired entity has been set up to manufacture electric motor vehicles, all types of parts, spare parts, engines, appliances and apparatus, equipment, etc.
The firm was incorporate on July 18, 2017. It is yet to commence business. Currently, it has presence only in India.