JSW Energy plans Rs 6,500 Cr investment in EV manufacturing

JSW Energy is planning to invest around Rs 6,500 crore in manufacture of electric passenger cars, informs the company’s Joint MD and CEO Prashant Jain while announcing the result for third quarter.

JSW Energy is planning to invest around Rs 6,500 crore in manufacture of electric passenger cars, informs the company’s Joint MD and CEO Prashant Jain while announcing the result for third quarter.

He further informs: “We are already in discussion with leading global OEMs and engineering service providers on product and technology partnerships for electric vehicles. There will be a significant development in this space in the fourth quarter.”

The company posted a profit of Rs 146 crore in the quarter through December, compared with Rs 47 crore a year earlier due to better realisations from both merchant and PPA customers. Consolidated revenue rose 20 per cent to Rs 2,492 crore.

JSW Energy’s Vijayanagar plant achieved an average PLF of 57 per cent as compared to 51.2 per cent in the corresponding quarter of previous year primarily led by healthy merchant power offtake.

Ratnagiri plant operated at an average deemed PLF of 83.7 per cent as against an average deemed PLF of 77.8 per cent in the corresponding quarter of previous year due to healthy offtake from both short term and long-term customers.

Barmer plant achieved an average deemed PLF of 79.5 per cent as against an average deemed PLF of 82.4 per cent whereas Himachal Pradesh plant achieved an average PLF of 24.2 per cent for the quarter vis-à-vis 24.5 per cent in the corresponding quarter of previous year.