JSW gains on talks with Chinese carmaker Leapmotor for EV tech

Earlier this week, several reports claimed that the promoter entities of JSW Group are in talks with several electric-car manufacturers in China to launch an electric car for the Indian market in the Rs 15-20 lakh range.

JSW Steel Limited gained over 2 percent in the morning trade on September 1 following reports that the company was in early talks with Chinese automaker Leapmotor to licence the technology to build electric vehicles in India

Under the agreement, JSW would use Leapmotor's platform to manufacture EVs in India under its own brand name, in an attempt to enter the growing business, news agency Reuters reported.

While the report said that discussions were private, the company's billionaire chairman Sajjan Jindal has publicly shown the steel-to-energy group's desire to manufacture EVs in the country.

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Earlier this week, several reports said that the promoter entities of JSW Group were in talks with several electric-car manufacturers in China to launch an electric car for the Indian market in the Rs 15-20 lakh range.

The reports also added that the company was in the race to pick a stake in MG Motor India, the British marque owned by China’s largest carmaker Shanghai Automotive (SAIC).

Jindal, who is the chairman and managing director of JSW group of companies, is set to own between 45 and 48 percent of MG Motor India, a wholly-owned arm of the Shanghai-headquartered SAIC Motor, The Economic Times has reported.

“On MG Motor, if you are asking me specifically -- because I don't shy away from difficult questions -- that is also one of the companies in our list. Could be one of the options if they want to sell, but I am not sure as yet," Jindal had told CNBC-TV18.

At 10.43 am, the stock was trading at Rs 798.40 on the National Stock Exchange, up 2.40 percent from the previous close.

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