Page 5 - Jsw

JSW MG Motor to foray into accessible luxury segment, sets up new channel

JSW MG Motor India will enter the 'accessible luxury' segment with plans to introduce four new energy vehicles in the next two years for which it is setting up a new retail channel brand, 'MG Select', according to company Chief Growth Officer, Gaurav Gupta. The company plans to set up exclusive experience centres in 12 cities across India in the first year. "With MG Select we will be bringing in four new products over the next two years to begin with," Gupta told PTI here. "We will be bringing in fresh, new platforms and products and these will be across the new energy vehicles (NEV) platform. So, it will have plug-in hybrids, hybrids and electric vehicles," said Gupta, however, he clarified that MG Select is not purely an EV channel. "The MG Select channel is for 'premium entry' of MG Motor India. It will bring in accessible luxury products for the new age customer of today," he added. At present the entry luxury car segment in India is at a price range of around Rs 45 lakh with

JSW Energy arm commissions 300 MW wind power plant at Tuticorin in TN

JSW Energy on Sunday announced that its step-down subsidiary, JSW Renew Energy Two Ltd, has successfully commissioned a 300 MW wind power plant at Tuticorin in Tamil Nadu. The ISTS-connected (Inter-state transmission system) wind power project was awarded by Solar Energy Corporation of India (SECI) in tranche X, a company statement said. This marks the first-ever greenfield wind power plant commissioned by the company for the SECI, it noted. The newly commissioned wind power project will contribute significantly to the renewable energy portfolio, supporting the vision of a greener and sustainable future, the company said. The additional 150 MW of wind capacity awarded under SECI Tranche X located at Dharapuram, Tamil Nadu, is also nearing completion with 138 MW already commissioned, it informed. Subsequent to this, total current installed capacity stands at 7,726 MW while the under- construction capacity stands at 2,114 MW, that is expected to be commissioned by the end of FY ...

JSW MG sparks revolution in EV industry with bold Windsor pricing

Parth Jindal, Director, JSW MG Motor India, indicated the company is not satisfied with being a small player in India and has introduced this pricing model, and other benefits, to disrupt the electric

JSW MG to move away from conventional vehicles, focus on NEVs: MD Jindal

JSW MG Motor India intends to move away from conventional internal combustion engine vehicles as it focuses on new energy vehicles for the future, company Director Parth Jindal said on Wednesday. The company, which on Wednesday launched its electric crossover utility vehicle 'MG Windsor' -- the first launch after JSW Group invested in MG Motor India -- has set a target to introduce a new car every four to six months and is eyeing over 50 per cent of its total sales to come from electric vehicles in 2024. "We want to bank on the new energy vehicles (NEVs). So, whether that is strong hybrid, plug-in hybrid, or battery electric vehicles, these will be the cornerstone of MG going forward," Jindal said in an interaction with reporters on the sidelines of the launch. He further said, "The traditional ICE (internal combustion engine), as we call it, without even a mild hybrid option, is something that we want to do away with. We are not very keen on bringing that into the country." Howeve

No irregularity in govt clearing sale of 3,666 acres to JSW Steel: K'taka

Karnataka Large and Medium Industries Minister M B Patil on Sunday asserted that there is no irregularity in the state government's decision to execute the sale deed of 3,666 acres of land in Ballari district to Jindal Steel. He emphasised that the Cabinet has decided to implement the order issued on May 6, 2021, during the B S Yediyurappa-led BJP government, following a High Court directive on March 12, 2024. Karnataka Cabinet on Thursday gave its approval for executing an absolute sale deed for 2,000.58 acres of land at Kurekuppa and Toranagallu villages in Sandur taluk, and 1,666.73 acres of land at Toranagallu, Musinayakanahalli and Yerabanahalli, in favour of JSW Steel. JSW Steel will get 2,000.58 acres at Rs 1.22 lakh per acre and 1,666.73 acres at Rs 1.50 lakh per acre. Patil dismissed Deputy Leader of the Opposition in the Legislative Assembly Aravind Bellad's accusation of an "internal agreement", in the matter as baseless. "If there has been any internal agreement, it mu

JSW Neo Energy bags 300MW wind-solar hybrid power project from NTPC

JSW Energy on Friday said its arm JSW Neo Energy has received a Letter of Award (LoA) from NTPC for setting up a 300 MW wind-solar hybrid power project. Following this capacity award, the company's total locked-in generation capacity has risen to 16.7 GW, which includes a total locked-in hybrid capacity of 2.6 GW, a company statement said. This project enhances the company's energy solution offerings and supports its transition towards becoming an energy products and services company, it said. JSW Energy has total locked-in generation capacity of 16.7 GW comprising 7.5 GW operational, 2.3 GW under construction across wind, thermal and hydro and RE pipeline of 6.9 GW. The firm also has 4.2 GWh of locked-in energy storage capacity through a battery energy storage system and hydro-pumped storage project. The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy aims to achieve carbon neutrality by 2050. In a separate statement

JSW Energy secures contract from SECI for 230 MW renewable energy supply

JSW Energy on Thursday said its arm received a letter of award from Solar Energy Corporation of India (SECI) for supply of 230 MW of power from its renewable energy project. The energy supply order has been secured by wholly-owned subsidiary JSW Neo Energy Limited, JSW Energy said, adding that the company received the letter of award following a tariff-based competitive bidding process. Bids were invited for supply of 630 MW of firm and dispatchable power from an inter state transmission system or ISTS-connected renewable energy project SECI-FDRE-IV, JSW Energy said in an exchange filing. With the latest contract, the company's total locked-in generation capacity has increased to 16.4 GW, which includes a hybrid capacity of 2.3 GW, including FDRE (firm and dispatchable renewable energy). The company expects to have an installed generation capacity of 10 GW by FY25, up from 7.5 GW currently.

JSW MG Motor expects 250% EV sales growth in 2024, says Rajeev Chaba

While JSW MG Motor remains optimistic, electric car sales in India have declined over the past three months

JSW MG Motor India christens first electric CUV model as MG Windsor

JSW MG Motor India on Thursday said it has named its first CUV electric vehicle as MG Windsor. In November, China's largest automaker SAIC Motor inked a joint venture agreement with JSW Group to accelerate the transformation and growth of MG Motor in India. MG Motor is a British brand that is owned by Shanghai-headquartered SAIC Motor. "We are excited to reveal the name of our upcoming CUV (Crossover Utility Vehicle) as MG Windsor. Windsor Castle is renowned worldwide. "The advanced tech offerings and the futuristic aerodynamic exterior further add to the appeal of the car. The MG Windsor caters to consumers who seek the best of both worlds comfort of a sedan and the expanse of an SUV," Satinder Singh Bajwa, Chief Commercial Officer at JSW MG Motor India, said.

JSW Neo Energy bags 192-MW power project from Gujarat Urja Vikas Nigam

JSW Energy on Monday said its arm JSW Neo Energy has secured a 192-MW hybrid power project, including an additional 96 MW under the greenshoe option from Gujarat Urja Vikas Nigam. The capacity is awarded against tariff-based competitive bids invited for setting up a 500 MW Grid connected Hybrid Power Projects (Phase II), along with a greenshoe option for additional capacity up to 500 MW, a company statement said. According to the statement, JSW Neo Energy -- a wholly owned subsidiary of JSW Energy (or the company) -- has received a Letter of Intent (or LoI) from Gujarat Urja Vikas Nigam Ltd (GUVNL), for setting up a 192 MW grid connected hybrid power project, including an additional 96 MW under the greenshoe option. Subsequent to this capacity award, the company's total locked-in generation capacity increases to 16.2 GW, including the total locked-in hybrid capacity of 2.1 GW, according to the statement. The company expects to have an installed generation capacity of 10 GW by FY25,

Industry discussing trade measures against imports with govt: JSW Steel CEO

JSW Steel continues to look for coking coal assets overseas, including Australia, and Canada, Acharya said

JSW Energy plans Rs 15,000 crore capex in FY25, says Sajjan Jindal

JSW Energy Chairman & Managing Director Sajjan Jindal on Friday said the company has planned a capital expenditure of Rs 15,000 crore during the current fiscal year. In his address to shareholders at the annual general meeting, he said, the company intends to spend around Rs 1,15,000 crore to reach the goal of 20 GW generation and 40 GWh storage under 'Strategy 2.0'. He further said the company's plan is to spend approximately Rs 15,000 crore in current fiscal year and it is also actively scouting for acquisition opportunities in the power sector. The company is on track to commission ongoing projects for power generation, battery storage and green hydrogen production, it said. The growth capital secured through the recently completed QIP (qualified institutional placement) strategically positions the company to accelerate the execution of returns accretive growth plans, he noted. In April 2024, JSW Energy had raised Rs 5,000 crore of equity through a QIP issue to build a war ...

Relationship between India, US 'multiplicative': US envoy Eric Garcetti

The India-US relationship has never been better, US envoy to India Eric Garcetti has said, asserting that ties between the two strategic partners are not just "addictive" but also "multiplicative". Garcetti made the remarks on Monday at an event on the sidelines of the SelectUSA Investment Summit, to which the largest delegation is from India. This (India-US) is a relationship that isn't just additive. It's not just the US plus India. It's multiplicative. It's the United States times India, Garcetti said at the meeting held in the suburbs of Washington. Garcetti underlined that the relationship between India and the US has never been better. We've never had a closer relationship with India. Americans of Indian descent are now about 1.5 per cent of our population. And pay six per cent of the taxes in America. It is the most successful immigrant community in America, he said. Garcetti spoke at the event in which India's JSW Steel announced its plans to invest USD 140 million in Bayt

Indya raises Rs 50 crore funds from Sangita Jindal, JSW, others

Three fourths of the funding is equity infusion for a minority stake, while the rest is debt, Indya's co-founder Shivani Poddar said

JSW Paint turns profitable; aims for Rs 5,000 crore sales in two years

JSW Paints crossed Rs 2,000 crore in revenue from operation in FY24 and logged its first operating profit in five years of inception, a top company official said on Thursday. The JSW Group firm, which aims for Rs 5,000 crore revenue in the next two years, is expanding its retail presence in the home decorative business and adding more products in the industrial coating business, company's Joint Managing Director & CEO Sundaresan AS said. "We have been able to achieve operating breakeven this year (FY24)," Sundaresan told PTI. JSW Paints, which is among the new entrants in the fast-growing Indian paints industry, is aiming "to grow much faster than the market". "We aim to keep growing anywhere from 5 to 10 times the market growth. In the current year (FY24), We have grown 10 times the rest of the industry," he said adding that JSW Paints is bringing new products into the market, expanding its reach and network and continuing to invest in building the brands. Asked about JSW Paints'

JSW Cement to invest Rs 3K cr to set up manufacturing unit in Rajasthan

JSW Cement on Tuesday said it plans to invest around Rs 3,000 crore to set up a cement manufacturing facility in Nagaur district of Rajasthan. The greenfield, integrated facility will be funded by a mix of debt and equity, the company said. The investment in the new facility includes a clinkerization unit of up to 3.30 MTPA (million tonnes per annum) and a grinding unit of up to 2.50 MTPA, said a statement from JSW Cement, a part of USD 24.25-billion JSW Group. The new plant will also have an 18 MW waste heat recovery-based power generation system, it added. "The proposed investment will be funded through a mix of equity and long-term debt," it said. This new plant is also expected to create more than 1,000 direct and indirect job opportunities, JSW Cement said. The investment also includes around 7-km overland belt conveyor to transport limestone from mines to the manufacturing plant and arrangements to use alternative fuel in the kiln. JSW Cement Managing Director Parth Jindal

JSW Infra Q4FY24 results: Net profit rises 9.8% to Rs 330 crore

The company's revenue from operations rose by 19.8 per cent to Rs 1,096 crore on a year-on-year basis. Sequentially, the core revenue was up by 16.6 per cent

RIL, JSW Neo, Amara Raja among 7 bidders for gigawatt battery production

The seven companies have collectively applied for a cumulative capacity of 70 GWh, the Ministry of Heavy Electricals informed

JSW One Platforms appoints Ranjan Pai as independent director on its board

JSW One Platforms on Monday announced the appointment of Ranjan Pai as independent director on its board. The company is the e-commerce venture of the USD 23 billion JSW Group. It operates B2B tech-enabled marketplace JSW One MSME, to service the building material needs of Industrial & Construction MSMEs in India. As part of his role, Pai will provide strategic guidance to shape the company's future and creating long-term value for stakeholders, JSW One Platforms said in a statement. Pai has experience in education and healthcare sectors and in investing and guiding tech startups in India. Parth Jindal, Director of JSW One Platforms said, "I look forward to his invaluable insights as we build and scale JSW One into the largest tech platform in India's USD 400 billion addressable B2B market. His deep knowledge of the e-commerce ecosystem and guidance will be critical in enhancing our growth and governance structures as we work towards an IPO over the next 18 to 24 months." The ...

JSW Holdings surges 10% on bulk deal of 59k shares worth Rs 6,253 cr

The share price of JSW Holdings, the investment arm of JSW Group saw a sharp jump of 10.2 per cent at Rs 6,876 in Friday's intraday trade after the company sold its shares through a bulk deal on Thurs