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Sajjan Jindal-led JSW Group on Wednesday denied claims that it was in talks to acquire a stake in MG Motors and BYD Group. This came after reports emerged stating the talks were in the "final stages".
"With regard to the query on 'JSW in talks to pick up stakes in MG, BYD India', we confirm that no such proposal as referred to in the news article has been placed for discussion of the Board or any of its Committees," the company said in a press release.
In January, JSW Group chief financing officer Seshagiri Rao told PTI that the manufacturing of electric vehicles is being discussed actively at the group level.
The group was looking to manufacture four-wheelers, Rao had said in reply to a question on JSW Group's plan to expand its presence into more sectors.
Earlier, a report by Fortune India quoted Jindal as saying that the company will add two-three businesses by 2030.
"Whatever businesses we do would be capital intensive. That is our core strength. The group will add a minimum of two-three businesses by 2030. As a large business house, it is necessary for us to explore these opportunities," he told Fortune India.
As the group's flagship business, JSW Steel manufactures auto-grade, high-value steel and supplies to automobile companies, including EV makers, at a 1 million tonne per annum (MTPA) steel plant in Salem, Tamil Nadu. In addition, the group is working on projects that support energy storage solutions, including batteries for electric vehicles.
