Schedule a Call Back
JSW to establish battery manufacturing facility with LG Energy in India
Industry News- Sep 22,23
Earlier this month, JSW held talks with high-ranking LGES executives in Korea, presenting the idea of a partnership focused on producing battery cells in India for both EVs and energy storage.
JSW, the Indian conglomerate specialising in steel and energy, is currently engaged in preliminary discussions with South Korea's LG Energy Solution (LGES) regarding potential collaboration in battery manufacturing within India. Two insider sources disclosed this information, shedding light on JSW's determination to advance its plans for local electric vehicle (EV) production.
Earlier this month, JSW held talks with high-ranking LGES executives in Korea, presenting the idea of a partnership focused on producing battery cells in India for both EVs and energy storage, according to one of the individuals with direct knowledge of the negotiations. Both LGES and JSW have refrained from commenting on these discussions.
In addition to these discussions, JSW is exploring conversations with other battery manufacturers, including China's CATL and Japan's Panasonic and Toshiba, as part of its strategy to establish a domestic supply chain for EVs, as indicated by a second source familiar with JSW's EV plans. The source emphasised that JSW is conducting these discussions for comprehensive due diligence, encompassing aspects such as storage solutions, electric motors, and battery management.
LGES, a prominent supplier of battery cells to major automakers like Tesla and General Motors, has requested that JSW provide details regarding its EV and energy storage requirements, according to the initial source.
A third source familiar with JSW's EV initiatives revealed that the company aims to establish a factory capable of producing 20 gigawatt-hours (GWh) of battery capacity in phases by the end of this decade, with the initial phase targeting 8 GWh.
Sajjan Jindal, the billionaire chairman of JSW, has publicly expressed his aspiration to venture into EV manufacturing and has previously explored the possibility of acquiring a stake in China's MG Motor. However, recent reports suggest that JSW's discussions with MG Motor have taken a backseat, with the company now in talks with Chinese automaker Leapmotor to license technology for the production of EVs bearing its own brand in India.
Panasonic has declined to comment on its involvement, while Toshiba has stated that it cannot confirm discussions with JSW for a battery cell partnership at this point. CATL did not respond to requests for comment.
All three sources have requested anonymity, citing on-going negotiations and the absence of a final decision.
The EV market in India, though currently small, is on a growth trajectory. Tata Motors, a domestic manufacturer, dominates EV sales in the country. The Indian government, under Prime Minister Narendra Modi's leadership, is actively pursuing a goal to increase the market share of electric vehicles to 30% by 2030, offering substantial incentives to companies for local battery and EV component production.
Tesla is also exploring opportunities in India, engaging in talks with the government regarding potential EV and battery manufacturing operations.
JSW's discussions with LGES coincide with LGES's efforts to expand its presence in India, the world's third-largest car market. Earlier this year, LGES established an office in New Delhi to enhance its automotive, mobility, and energy storage businesses in the country, as per government filings. Additionally, LGES already supplies imported battery cells to two of India's leading electric scooter manufacturers, Ola Electric and TVS Motor.
Source: Business Standard
JSW
LG Energy
battery manufacturing
electric vehicles
LGES
Tata Motors
Tesla
Panasonic
Toshiba
Sajjan Jindal
Related Stories
Automation & Robotics
Future of manufacturing: Robotics reshaping the assembly line
Indian manufacturing sector has advanced considerably with increasing adoption of automation and robotics. The increasing applications of robotic devices and systems necessitate a diverse set of kno..
Read moreConstruction Equipment
Govt mulls Rs 12,000 cr incentive for domestic mining equipment manufacturing
A high-level committee, led by the director (technical) of Coal India (CIL), has proposed a five-year incentive program to stimulate domestic manufacturing.
Read moreAuto & Auto Components
Tesla nearing deal for India Entry, possible factory setup by 2025
Tesla is prepared to make an initial investment of approximately $2 billion in any plant, with plans to increase purchases of auto parts from India to potentially $15 billion.
Read moreRelated Products
Servotech Power Systems files 2 patents for energy management technologies
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
Servotech Power Systems, a leading manufacturer of EV chargers and solar solutions, has announced that it has filed two patents for innovative energy management technologies in order to facilitate gri Read more
Industrial Solar Batteries
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
Inova Battery manufactures and supplier of a wide range of industrial solar batteries.
Lithium Battery Solutions
BATTERIES, UPS SYSTEMS & VOLTAGE STABILISERS
Riello Power India Pvt Ltd offers a wide range of lithium battery solutions.
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
