Mumbai: Sajjan Jindal-led JSW Energy has abandoned its plans of entering the electric vehicles space owing to uncertainties in the regulatory environment, the company informed Bombay Stock Exchange on Friday.
The company had announced plans of diversifying into electric car manufacturing in August 2017 and also earmarked Rs 3,500-4,000 crore as capital expenditure for the project.
JSW, a steel and power giant was in talks of acquiring General Motors’ manufacturing plant in Talegaon near Pune.
The company was also said to be putting together a team to develop an electric vehicle portfolio for the Indian market. It has hired Sergio Rocha, former head of GM in South Korea, as chief operating officer for the division.