JSW Energy plant used for power generation. (Picture: Taken from JSW Energy’s website)

JSW Energy Seeking Partners For Electric Vehicle Project

JSW Energy Ltd. plans to launch its electric vehicle in the next three-four years and is looking at potential partners for it, company’s Managing Director and Chief Executive Officer Prashant Jain told BloombergQuint in an interaction.

The company had signed a memorandum of understanding (MoU) with the Gujarat government late last year to set up a Rs 4,000-crore electric vehicle-manufacturing facility in the state.

“We expect to launch our electric vehicle in the next three to four years,” Jain said.

Meanwhile, the company reported over two-fold jump in net profit at Rs 46.9 crore for the quarter ended December. Revenue grew 4.7 percent to Rs 1,993.2 crore, which Jain attributed to a rise in volumes and improvement in merchant realisations.

But the earnings before interest, tax, depreciation and amortisation plummeted 11 percent to Rs 585.4 crore, predominantly because of tariff provisioning, he said.

Watch the full interaction here: