![]() This time, the group decided to structure it through a privately held group firm and not a publicly listed company such as JSW Energy or Steel. “EVs represent a disruptive trend in the automobile industry and provide a level playing field for a new entrant such as JSW Energy since incumbents, saddled with their legacy business, are stripped of any advantage," he wrote in his annual message to shareholders in 2018.Īs the pandemic subsided and EV sales began to take off, Jindal smelt blood again and revived the plan. On top of that, the businessman in him had identified a blind spot in the automotive industry to exploit. “Given the higher-than-anticipated uncertainties associated with the EV business, the board has, after careful evaluation, decided not to pursue this business and maintain capital cushion for growth opportunities in power and other related businesses," JSW Energy had said in a notification to stock exchanges on 29 March 2019.īut the engineer in Jindal-he has a degree in mechanical engineering from Ramaiah Institute of Technology in Bengaluru-had not given up on his dream to make a car. Jindal decided to back off and, within two years, the plans were shelved. ![]() However, given that the group had no prior experience in automotive manufacturing, shareholders felt this was too big a leap into the unknown, and into an industry that was still evolving. ![]() JSW even signed memoranda of understanding (MoUs) with Maharashtra and Gujarat for manufacturing units. Under the aegis of JSW Energy, he earmarked an investment of up to $624 million to realize his automotive ambitions, with the aim of launching the company’s first vehicle by 2020.
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