Sajjan Jindal-led JSW Energy announced that it has incorporated a wholly owned subsidiary JSW Solar Ltd to pursue business opportunities in renewable energy and related segments.
“The company has, on January 1, 2018, incorporated a wholly owned subsidiary JSW Solar Ltd to, inter alia, pursue business opportunities in the renewable energy space, energy storage systems, micro grids, etc,” JSW Energy said in BSE filing today.
The company’s board in August last year had approved the proposal of entering into electric vehicles, energy storage systems and associated business, directly or through one or more subsidiaries.
The company had said that the expected capex to be incurred on these businesses over the next three years would be in the range of Rs 3,500 to Rs 4,000 crore.
The company has also inked a pact with the Government of Gujarat to set up facility to manufacture electric car and storage battery.