Electric Dreams

JSW Energy is going down an untrodden path to diversify the business and take it further.

- Adrian Flores

Prashant Jain made a bold decision to diversify JSW Energy’s business by moving into an area no Indian energy company had entered before. He saw a future for the company in the manufacturing of electric cars. Two months after being appointed Joint Managing Director and CEO in June 2017, JSW Energy signed a memorandum of understanding with the Gujarat government to set up a INR4,000 crore unit for manufacturing not just electric cars, but electric batteries, energy storage systems, and charging infrastructure as well.

One of the advantages of an emerging technology or innovation is the absence of an established framework, Prashant says. “Since JSW Energy is a free cash flow company, we can generate more than US$200 million every year, which will then be used as growth capital for our venture into the electric car business. We’re very upbeat about it,” he explains. “It doesn’t matter whether you’re an existing auto manufacturer or a new player, all companies start off with a level playing field.”