JSW Energy goes up on EV deal with Maharashtra

Shares of JSW Energy ruled firm on Tuesday after the company on Monday announced that it has signed a pact with Maharashtra to set up a manufacturing unit for Electric Vehicles (EV) and Energy Storage Systems in the state.

The stock opened at Rs 80.65 and touched high and low of Rs 81 and Rs 79.25, respectively, eventually closing at Rs 79.65, up 0.82 per cent, on BSE.

“In addition to the earlier MoU with the Government of Gujarat with respect to EV manufacturing and associated businesses, the company has now entered into another MoU with the Government of Maharashtra for setting up facilities for the manufacturing of EV and Energy Storage Systems in Maharashtra, subject to receipt of internal corporate approvals," the company said in a BSE filing.


The Sajjan Jindal led company in August last year had unveiled its plans to foray into EVs and energy storage segments, saying it will invest up to Rs 4,000 crore in the project over the next three years. The company had planned to roll out its first electric vehicle by 2020.