Davos [Switzerland], January 21 : Sajjan Jindal, Chairman, JSW Steel, announced that JSW Auto is set to launch its own electric vehicles by 2027, marking a significant step into the rapidly growing EV market.
Jindal revealed ambitious plans for the JSW Group's electric vehicle (EV) venture during an interview withat the World Economic Forum in Davos on Tuesday.
"In 2027, hopefully we should be out with our own JSW EV. We are doing a huge amount of research on it and we will bring the car. I think that's one area where as I said, we have to reduce our dependence on imported fuel and electric mobility is one area which can do that," Jindal said, underscoring the group's commitment to sustainable transportation.
Jindal also highlighted JSW's ongoing partnership with MG Motors for EV production, noting plans to scale up capacity.
"JSW MG is already producing EVs, and we are ramping up that capacity. Alongside, JSW Auto will bring its own EV to the market in the next 2-2.5 years," he added.
Discussing the future of the steel sector, Jindal emphasized India's potential to bridge the gap between its current steel consumption and that of China.
Jindal stated, "India is a big country and we are the second largest producer of steel and consumer of steel in the world and going forward India is going to grow quite rapidly."
"China produces close to a billion tons and India is at the moment 150 million. So there can't be that kind of gap. We have to bridge that gap and on one side China is now reducing their consumption because they have picked out on their development or on their consumption of steel. Whereas India is just about to start consuming. So we see a big opportunity in the steel industry," he added.
Jindal noted that as China's steel consumption stabilizes, India is poised to drive global demand with infrastructure projects, urbanization, and industrial growth.
Jindal also lauded Prime Minister Narendra Modi's vision for India's industrial expansion, identifying several sectors ripe for investment.
"India has to grow multifold over the years and the Prime Minister Modi is really pushing the agenda to grow India, Indian industry and whether it is infrastructure, whether it is renewable energy, whether it is green mobility, whether it is computing AI data computing so every area the canvas is wide open and you can really paint on it as you like," he remarked.
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