JSW Energy plans to invest Rs 3,500-4,000 cr to develop electric cars

Declared formation of new subsidiaries for manufacturing vehicles; Q1 net declined 40% to Rs 217 cr

JSW Energy is planning to drive into the electric vehicle market, launching its first vehicle by 2020. 

In a notice to the stock exchanges, the company said its capital expenditure in the next three years would be Rs 3,500-4,000 crore. It would also venture into the energy storage market. 

During the announcement of the April-June 2017 quarter (Q1) results on Friday, JSW announced it would form subsidiaries to manufacture electric vehicles, electrical battery and energy storage systems, and charging infrastructure. In a statement, the company said its new project would incorporate the vision of “Make in India”. It would also assist in