Increasing urbanisation across the globe has led to rise in vehicle density, which is depleting fuel resources and causing an increase in emissions. Economies across the world are looking for an alternative way to sustain the mobility needs of the urban population, and electric vehicles (EVs) are a reliable and scalable solution. The Indian Government has also initiated measures to encourage manufacturing of EVs in the country.
With over 4 million passenger cars produced in the previous fiscal, the Indian passenger car segment is expected to scale new heights in the near-term with EVs in the mix.
To boost manufacturing of hybrid and electric vehicles in India, the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) scheme was launched in 2015. The government had allocated ` 795 crores under FAME Phase-I and provided demand incentive subsidy up to ` 1.38 lakhs for cars and up to ` 1 crore for commercial vehicles. FAME Phase-II has been announced, wherein, more supportive policy structure is expected for EVs.
JSW Energy has decided to ride on this wave of EV disruption and foray into the business of Electric Vehicle and charging infrastructure. The Company has signed MOUs with the State Governments of Gujarat and Maharashtra for setting up manufacturing facilities..
India has a major opportunity in energy storage systems, not only for EVs but also for static applications such as telecom, micro grids and solar storage systems. Thus, the Company will be looking at the aforementioned as an adjacent business to its existing EV plans.
The Company is bringing in thought leaders to drive the electric vehicle busi ness. It has appointed an auto industry expert as COO of EV – Passenger Vehicles.