According to the company, the acquisition is a part of diversification strategy of JSW Energy Limited to foray into Electric Vehicles, Energy Storage Systems and Charging Infrastructure which will be housed under the acquired entity -JSW Electric Vehicles Private Limited
The company intends to launch an electric car by 2020.
It will manufacture electric vehicles, electrical batteries, and energy storage systems and be charging infrastructure. For $11-Billion group it will be the first stint in consumer business which operates in power, steel and mining industry.
