JSW Group will be ready with lithium-ion cells manufactured in its Odisha factory in the next 18-24 months. The Group is in talks with potential partners and is keen on a technology tie up, not an equity partnership. Parth Jindal, member of the Steering Committee of JSW MG Motor India, told reporters that to make the new energy vehicles (NEVs) more accessible, it is critical for the company to localise.
- JSW aims to bring price parity between NEVs and ICE models
- JSW Group has announced investment of Rs 40,000 crore in Odisha
- JSW MG Motor JV to help bring down battery and steel costs
“The investment in Odisha will be made by JSW Group on a standalone basis, and the money will go into battery manufacturing and cell-to-pack manufacturing. The products from the investment in Odisha will first be for this JV, and we intend to bring down the cost of the product and localise it in India. We can then bring in NEVs at the right price point; if not lower, at least at the same price as ICE vehicles,” said Parth.
Sajjan Jindal, chairman of the JSW Group said, “Whatever is required to be successful will be done – cell manufacturing, lithium refining, cathode manufacturing – to bring NEVs at the same parity as petrol vehicles.”
He further added that mining is a part of JSW Group's activity, and with lithium being an important mineral for manufacturing electric batteries, they would certainly participate if the government opens up auctioning of these mines. The Group has already applied for the Production Linked Incentive (PLI) scheme for cells with the Government of India for a 5-10GWh capacity.
JSW Group on its own has already announced an investment of Rs 40,000 crore in Odisha to set up an EV ecosystem. While the commitment from JSW MG Motor India is Rs 5,000 crore in the first phase – given the ambitious 1 million vehicles by 2030 target set by the company – the alliance partners will definitely look beyond Halol, Gujarat, for additional capacity.
Apart from the supply of cells and battery packs, MG is banking on the JSW Group to bring down the cost of automotive steel by sourcing from the Group’s steel arm. The Mumbai conglomerate also shared that JSW Energy will work with start ups in building the nationwide infrastructure.
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