JSW Energy acquires JSW Electric Vehicles
Sajjan Jindal-led JSW Energy acquired JSW Electric Vehicles Private Ltd.
JSW Electric Vehicles is part of diversification strategy of JSW Energy Ltd to foray into electric vehicles, energy storage systems and charging infrastructure, JSW Energy said in a BSE filing on Monday. In August last year, JSW Energy had announced about its venture in the electric vehicles, energy storage systems and associated business, directly or through one or more subsidiaries.
The shareholders of JSW Electric Vehicles before this acquisition were Magnificient Merchandise and Advisory Services Private Ltd (a company owned by promoter of JSW Energy) and Parth Jindal (a relative of promoter of JSW Energy).
JSW Electric Vehicles has a paid share capital of Rs1 lakh and is a debt-free company. The acquired entity has been set up to manufacture electric motor vehicles, all types of parts, spare parts, engines, appliances and apparatus, equipment, etc. The firm was incorporate on 18 July 2017. It is yet to commence business. Currently, it has presence only in India.