Sajjan Jindal-led JSW Group is deepening its auto business foray with expansion into manufacturing of electric and hybrid vehicle components, a report by Mint said on August 28.
The group has already made significant investments to enter electric vehicles and EV battery business.
The components business unit JSW AutoComp was established after renaming its EV charging infra subsidiary JSW NxGen Charge Ltd, which was set up in 2024, the paper said.
The conversion of the company from a charging infra player to an auto components company was completed in June, the report said. An extraordinary general meeting held in May had approved the change, according to the report, adding that the shareholders okayed the plan to enter the new business.
The move could provide a boost to the group’s automotive business with the presence of sister companies JSW Steel and now JSW AutoComp, similar to Tata Motors that has Tata Steel and Tata AutoCompy, the paper said.
Moneycontrol could not independently identify the report.
Earlier, it was reported that the Sajjan Jindal-led group is considering increasing its stake in EV joint venture with MG Motor and plans to become the largest shareholder.
JSW’s Chinese partner SAIC Motor had said it was considering to invest instead in Europe and its home market of China.
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