Stock advisory Company >> India`s JSW Energy to invest up to $623 million in electric cars

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JSW Energy will invest up to 40 billion rupees ($623 million) to build electric cars, batteries and charging infrastructure, part of the power company's diversification plans to drive future growth, its chief executive said.

JSW plans to roll out its first electric car by 2020, which will make it the first non-automotive company in India to enter electric car business, as well as making batteries and supporting charging infrastructure, Prashant Jain, chief executive of JSW Energy said on Friday.

India has proposed a 15-year roadmap for rolling out electric vehicles and is also auctioning solar power capacity as part of a push to triple renewable energy generation by 2022 and to cut greenhouse gas emissions.

Jain, speaking after JSW reported first-quarter results, said energy storage was the right focus for the company, which has limited growth opportunities in the power sector and surplus cash.

JSW, part of the JSW Group, which also includes JSW Steel, plans to build electric storage batteries for vehicles, telecom towers, household use and renewable power, he said.