JSW Energy announced its entry in the electric vehicle and energy storage market with an aim to launch its first e-vehicle by 2020. In a notice sent to the stock exchanges, JSW said it the expected capital expenditure to be incurred over the next three years would be in the range of Rs. 3,500-4,000 crore.
The company announced its Q1 results on Friday and also declared the formation of new subsidiaries for manufacturing of electric vehicles, electrical battery/ energy storage systems and charging infrastructure. The Board has also appointed Mr Jyoti Kumar Agarwal, Chief Financial Officer of the Company as an Additional and Whole-Time Director for a period of 5 years.
JSW Energy plans to launch its own electric vehicle by 2020 with a vision of “Make in India”, said its public statement.
“JSW Energy plans to facilitate the creation of charging infrastructure and necessary ecosystem for faster penetration of electric vehicles in India. India has a huge opportunity for energy storage systems not only for electric vehicles but for other static applications. JSW Energy plans to enter into energy storage systems business for both in static and mobility applications as it will be the forward integration of its existing business of power generation to distribution,” said the statement.
JSW posted a decline of 40.5 per cent in its profits for Q1FY18 to Rs 217 crore. Its total income from operations stood at Rs 2,232 crore as against Rs 2,450 crore in the corresponding quarter of the previous year witnessing a decrease of 9 per cent. The company said the decline was largely due to lower generation from the coal fired-plants and subdued merchant realizations.