Sajjan Jinal-led JSW Energy today acquired JSW Electric Vehicles Private Ltd.
The JSW Electric Vehicles is part of diversification strategy of JSW Energy Ltd to foray into electric vehicles, energy storage systems and charging infrastructure, JSW Energy said in a BSE filing.
In August last year, JSW Energy had announced about its venture in the electric vehicles, energy storage systems and associated business, directly or through one or more subsidiaries.
The shareholders of JSW Electric Vehicle before this acquisition were Magnificient Merchandise and Advisory Services Private Ltd (a company owned by Promoter of JSW Energy) and Parth Jindal (a relative of promoter of JSW Energy).
The JSW Electric Vehicles has a paid share capital of Rs 1 lakh and it is a debt-free company.
The acquired entity has been set up to manufacture electric motor vehicles, all types of parts, spare parts, engines, appliances and apparatus, equipment, etc.
The firm was incorporate on July 18, 2017. It is yet to commence business.