JSW Energy part of a multi-billion-dollar conglomerate acquires JSW electric vehicles, the company informed Bombay Stock Exchange (BSE) in a filling on Monday.
According to the company, the acquisition is a part of diversification strategy of JSW Energy Limited to foray into Electric Vehicles, Energy Storage Systems and Charging Infrastructure which will be housed under the acquired entity -JSW Electric Vehicles Private Limited.
The shareholders of JSW Electric Vehicle Private Limited are Magnificient Merchandise and Advisory Services Private Limited (a company owned by Promoter of JSW Energy Limited)and Parth Jindal (Relative of Promoter of JSW Energy Limited).
The company intends to launch an electric car by 2020.
It will manufacture electric vehicles, electrical batteries, and energy storage systems and be charging infrastructure. For $11-Billion group it will be the first stint in consumer business which operates in power, steel and mining industry.
JSW Energy limited has also signed a Memorandum of Understanding (MoU) with Maharashtra and Gujarat governments to manufacture electric vehicles and energy storage systems.
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