The JSW Group has dropped plans to venture into the electric vehicle (EV) business due to the uncertainties associated with the sector.
Despite having no experience in vehicle manufacturing, Sajjan Jindal, Chairman of the JSW Group, had made a surprise announcement two years ago to enter the EV business — including energy storage and charging infrastructure — through its subsidiary JSW Energy.
However, JSW Energy, in a statement after a board meeting on Friday, said the group has always embarked on new business opportunities keeping a balance between growth aspirations and prudent risk management.
In this context, it added, given higher-than-anticipated uncertainties associated with the EV business, the board has decided not to pursue it. It wishes to maintain capital cushion for growth opportunities in power and other related businesses, it said.
