The Sajjan Jindal-led JSW Group has overhauled the boards of at least two of its automotive subsidiaries and changed the holding company of its components business as the steel-to-energy conglomerate accelerates plans to launch cars and trucks in the next financial year.
In a bid to streamline operations and sharpen focus on individual verticals, the chief executives of JSW’s passenger vehicle and commercial vehicle businesses stepped down from the board of the group’s auto parent company, JSW Green Mobility, in August, according to filings with the Ministry of Corporate Affairs.
In their place, Rajiv Mehta, Chief of Business at JSW Green Mobility, joined the board. Mehta, who spent 27 years at Mahindra & Mahindra before joining JSW in September 2023, is expected to play a key role in steering the company’s automotive ambitions. The other board members include Manoj Mohta, CEO of JSW Holdings, and Bhushan Prasad, CFO at JSW Projects.
In another key board change, Deepa Yezdegardi, Vice President of Banking at JSW Steel, was appointed to the board of JSW Motors in August.
Alongside board-level changes, JSW has also restructured its components business, JSW AutoComp, as part of a broader reorganisation of its automotive vertical. According to a Mint report, the holding company of JSW AutoComp was shifted from Echelon Multiventures Pvt Ltd–an investment firm of the Jindal family trust–to JSW Greentech, a commercial vehicle subsidiary of JSW Green Mobility.
This means that JSW Green Mobility will now directly control JSW AutoComp, strengthening vertical integration across its auto operations. JSW AutoComp itself was formed in June by renaming JSW NxGen Charge Ltd, an EV charging infrastructure company set up in August 2023.
The series of board and structural changes comes as JSW ramps up investments and leadership bandwidth ahead of its formal entry into automotive manufacturing. The group plans to launch its own range of electric and hybrid passenger vehicles and commercial vehicles starting next year, alongside expanding into auto components and lithium-ion battery manufacturing.
The restructuring also coincides with fresh funding. In September, JSW Projects, backed by the Jindal family trust, infused ₹173 crore into JSW Green Mobility through an equity placement, following a ₹1,000 crore investment in July. The latest round was raised via optionally convertible debentures (OCDs) worth ₹1,000 crore issued to JSW Projects.
JSW Group’s automotive ambitions are anchored in a two-pronged strategy–building its own vehicle brand while simultaneously growing its joint venture with China’s SAIC Motor Corp. to operate JSW MG Motor India. The conglomerate entered the automobile sector in 2023 with its investment in MG Motor India.