Following news that JSW Steel Limited was in preliminary discussions to licence the technology to construct electric vehicles in India with Chinese automaker Leapmotor, the business saw a gain of more than 2% in morning trading on September 1.
According to the arrangement, JSW will use Leapmotor’s platform to produce EVs in India under its own brand name in an effort to get into the expanding market, according to news agency Reuters. The steel-to-energy group’s billionaire chairman Sajjan Jindal has publicly expressed the company’s ambition to produce EVs in the nation, despite the report’s claim that conversations were confidential.
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Earlier this week, it was reported in numerous publications that the JSW Group’s promoter entities were in discussions with a number of Chinese electric-car manufacturers to introduce an electric vehicle for the Indian market in the Rs 15-20 lakh price range. The allegations also stated that the business was competing for a stake in MG Motor India, a British brand owned by Shanghai Automotive (SAIC), the largest automaker in China.
According to The Economic Times, Jindal, the chairman and managing director of the JSW group of companies, will hold between 45 and 48 percent of MG Motor India, a fully owned subsidiary of Shanghai-based SAIC Motor. “If you’re asking me particularly about MG Motor, it’s one of the companies on our list; I don’t back down from a challenge. I’m not sure yet, but it may be one of the choices if they want to sell,” Jindal had previously said to CNBC-TV18.
The stock was up 2.40 percent from the previous closing when it was trading at Rs 798.40 on the National Stock Exchange at 10:43 a.m.
