The company, which is separate from JSW MG Motor Ltd., will focus is on creating a strong presence in the new energy passenger vehicle segment (NEV) including ply-in Hybrid Electric Vehicles (PHEVs) and Range Extended Electric Vehicles (REEVs), followed by a phased expansion of its portfolio across segments and powertrains. (Picture for representational purpose only) | Photo Credit: SPECIAL ARRANGEMENT
JSW Motors Ltd., a company set up by Sajjan Jindal-led JSW Group, said it has received a long-term project finance of about ₹8,000 crore from the State Bank of India (SBI) with an unspecified long-term tenure for the development of New Energy Vehicle (NEV) venture.
“The financing will partly fund our greenfield manufacturing facility at Chhatrapati Sambhajinagar, Maharashtra, and help accelerate the creation of a robust, domestically anchored NEV ecosystem, a JSW Motor Ltd. spokesperson said in a statement.
“This investment reflects our long-term commitment towards building future-ready mobility solutions in India, aligned with the country’s clean mobility and ‘Atmanirbhar Bharat’ ambitions,” the spokesperson added.
The company, which is separate from JSW MG Motor Ltd., will focus is on creating a strong presence in the new energy passenger vehicle segment (NEV) including ply-in Hybrid Electric Vehicles (PHEVs) and Range Extended Electric Vehicles (REEVs), followed by a phased expansion of its portfolio across segments and powertrains.
“We are progressing as per plan on the development of our manufacturing footprint and product roadmap. Our upcoming facility in Chhatrapati Sambhajinagar will bring this plan to life as a next-generation manufacturing ecosystem built for scale, agility, and the future of mobility,” the spokesperson said.
Details regarding the product launch timelines and the portfolio will be announced in due course.