JSW Motors has secured a long-term project finance facility of around Rs 8,000 crore from State Bank of India to support the development of its new energy vehicle (NEV) business and manufacturing operations in India.
The funding will partly finance the company’s greenfield manufacturing facility at Chhatrapati Sambhajinagar in Maharashtra and support the creation of a domestic NEV ecosystem, the company said. The project marks a key step in JSW Motors’ entry into the passenger vehicle segment focused on alternative fuel technologies.
Alternative Fuel Roadmap
A spokesperson for JSW Motors said the company is focused on building a strong presence in the new energy passenger vehicle segment, including plug-in hybrid electric vehicles (PHEVs) and range-extended electric vehicles (REEVs), before gradually expanding its portfolio across multiple vehicle segments and powertrain technologies.
The upcoming manufacturing facility at Chhatrapati Sambhajinagar is being developed and designed for scale, flexibility and future mobility requirements, the spokesperson added. JSW Motors said work on its manufacturing footprint and product roadmap is progressing as planned, although details regarding product launches and future portfolio plans will be announced at a later stage.
Global Platform Integration
Sources tell us that the brand is currently readying multiple SUVs for India which will be based on Chery models sold overseas.