News On Projects
Products & Services
Projects Database
Tenders Database
E - Newsletter
EPXonline.com
Project Financing
Contracts & Awards
Energy
Electricity
Mining
Oil & Gas
Infrastructure
Airport
Port
Railway
Road
Freezone
Construction
Manufacturing
Cement
Engineering
Automobile
Plastic
Metal
Textile
Paper & Packaging
Leather
Sugar
Edible Oil
Electrical & Electro
Processing
Chemical
Drugs & Pharma
Fertiliser
I-C-T
Communication
IT
Telecom
Water
Pump Station
Water Treatment
Water Supply
Hospitality
Hotel
Restaurant
Resort
Entertainment
Sports
Multiplex
Theme Park
Food & Beverages
Hospital
Service
Social
Science
Irrigation
Government
Policy
Economic Indicators
Company News
Commerce
Miscellaneous
News Uploaded On : Saturday, August 12, 2017 11:38:00 AM IND Back  |  Latest Projects  |  Latest Tenders
 
 E-mail this to a friend        Printable version       Story Viewed 616 Times
JSW Energy plans to invest Rs. 3,500-4,000 cr to develop electric cars.
JSW Energy is planning to drive into the electric vehicle market, launching its first vehicle by 2020.

In a notice to the stock exchanges, the company said its capital expenditure in the next three years would be Rs. 3,500-4,000 crore. It would also venture into the energy storage market.

During the announcement of the April-June 2017 quarter (Q1) results on Friday, JSW announced it would form subsidiaries to manufacture electric vehicles, electrical battery and energy storage systems, and charging infrastructure. In a statement, the company said its new project would incorporate the vision of “Make in India”. It would also assist in the creation of an ecosystem for faster penetration of e-vehicles in the country as well as charging infrastructure.

Recently, a number of companies have announced their foray into the e-vehicle manufacturing and charging stations sector. Thermal power giant NTPC announced it would create a battery-charging ecosystem across the country to promote e-vehicles.

India’s central transmission utility, Power Grid Corporation, has already installed charging stations and started plying e-vehicles for employees at all its offices and site locations. The company will use its nationwide transmission infrastructure to install charging stations.

Among the private companies, Tata Motors is scheduled to unveil its first e-vehicle in September this year. Hyundai, which was planning to launch a hybrid car in the country, is now planning to introduce e-vehicles.

Under the National Electric Mobility Mission Plan (NEMMP) 2020 and Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME), the government aims to have 6 million electric and hybrid vehicles on the roads by 2020.

JSW would also venture into energy storage systems, given the massive growth of renewable energy envisaged. “India has huge opportunity for energy storage systems not only for electric vehicles but for other static applications. JSW Energy plans to enter this business for both static and mobility applications, as it will be 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 against Rs 2,450 crore in the corresponding quarter of the previous year. This was 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 realisations. The board has also appointed Jyoti Kumar Agarwal, chief financial officer, as an additional and whole-time director for five years.

BS

Post your comments:

Your name: *
E-Mail Id:
E-mail ID will not be published
Comment: *
Maximum 500 Characters
    
Related Stories
Shapoorji Pallonji group's realty arm plans to launch 6 projects in 2017-18.
After IPO success, Cochin Shipyard lines up Rs. 2,800-cr expansion projects.
Honda Cars gets environmental clearance for Rs. 1,577 cr expansion project.
IOC to invest Rs. 52,000 cr in Paradip refinery post pact with Odisha govt.
BPCL lines up Rs. 18,000 crore for refinery expansion.
ABB India to upgrade 20 sub-stations in Himachal.
KG Basin's Cluster-2 to help ONGC double production in 5-6 years.
Shapoorji Pallonji Group bids for LNG regasification terminal project at Mumbai port.
Visaka to undertake ₹100-cr expansion in Haryana.
Divi's Lab gets geen nod for Rs. 100 cr modernisation project.
RELATED PROJECTS & TENDERS

Projects

... More projects

Tenders

Click here to view Tenders Database
ADVERTISEMENT
MOST POPULAR STORIES NOW
For all enquiries please contact
Tel: 022 - 25961254, 25960909
Mobile: 9821464666/09751178830
Mail: marketing@newsonprojects.com

OUR OTHER PRODUCTS & SERVICES:    Projects Database   |   Project e-Newsletter   |   Tenders Database   |   Commissioned Power Plants   |   Company Index
About Us   |   Contact Us   |   Terms of Use   |   Advertise with Us   |   Privacy Policy   |   Disclaimer   |   Feedback