The JSW Group, led by billionaire Sajjan Jindal, has announced its intention to enter the electric vehicle (EV) market with its own brand of cars. The group’s first EV, named Concept One, is expected to be launched in 2025 and will compete with Tesla and other global players in the premium segment.
The Concept One is being developed by JSW Energy, a subsidiary of the group that focuses on renewable energy and power generation. The car will have a range of 500 km on a single charge and will be able to accelerate from 0 to 100 km/h in less than four seconds. The car will also feature advanced technology such as autonomous driving, wireless charging, and biometric authentication.
The JSW Group has invested Rs 6,500 crore ($875 million) in the EV project and has set up a research and development center in Bengaluru. The group plans to manufacture the car at its Vijayanagar plant in Karnataka, which has a capacity of 200,000 units per year. The group also aims to create a network of charging stations across India and export its EVs to other markets.
JSW Group seeks tariff protection for steel industry amid rising imports
The JSW Group, which is India’s largest steel producer, has also urged the government to impose a tariff on steel imports to protect the domestic industry from cheap and subsidized products from China and other countries. The group said that steel imports have increased by 60% in the first quarter of this fiscal year compared to the same period last year, despite the imposition of anti-dumping duties and safeguard measures by the government.
The group said that the surge in imports is hurting the profitability and viability of the domestic steel industry, which is already facing challenges such as high raw material costs, low demand, and environmental regulations. The group also said that the imports are undermining the government’s vision of making India self-reliant in steel production and achieving a capacity of 300 million tonnes per year by 2030.
The JSW Group has requested the government to increase the basic customs duty on steel imports from 15% to 25%, and also impose a minimum import price or a floor price for steel products. The group said that these measures will help create a level playing field for the domestic industry and encourage investments in capacity expansion and modernization.
JSW Group diversifies into new sectors amid pandemic
The JSW Group, which has interests in sectors such as steel, cement, infrastructure, energy, and sports, has been diversifying into new areas amid the COVID-19 pandemic. The group has ventured into segments such as paints, furniture, toys, health care, and education in the past year.
The group said that it is exploring these new opportunities to leverage its brand value, customer base, distribution network, and manufacturing capabilities. The group also said that it is aiming to create value for its stakeholders and contribute to the social and economic development of the country.
The group’s chairman Sajjan Jindal said that the pandemic has taught him to be more agile and adaptable to changing market conditions. He said that he is optimistic about the future of India and believes that the country will emerge stronger from the crisis.