JSW Steel , a prominent Indian conglomerate, has announced its foray into the automotive sector with the establishment of JSW Motor, a dedicated automotive vertical separate from its existing JSW-MG Motor India joint venture. The company has set its sights on launching its first electric or plug-in hybrid car in the second quarter of 2026, marking a significant milestone in India's evolving automotive landscape.

Expansion Plans and Production Targets

JSW Motor's CEO, Ranjan Nayak, has outlined an aggressive product roadmap, with plans to introduce 3-4 models in 2026, followed by an additional 3 models in 2027. The company is developing a massive 630-acre automotive hub in Bidkin, Chhatrapati Sambhaji Nagar, Maharashtra. This facility is designed with an initial annual capacity of 500,000 cars, with the potential to scale up to 1 million units once fully operational.

In a bold move that underscores JSW's commitment to the automotive sector, the group has set an ambitious target of achieving a 2 million cars annual capacity within 5-6 years across multiple facilities. This rapid expansion plan positions JSW Motor as a potentially significant player in India's automotive industry.

Investment and Funding

JSW has pledged a substantial investment of $3.00 billion over the next five years to support its automotive venture. The first phase of this initiative requires a capital expenditure of $2.00 billion, which will be funded through a 30:70 equity-debt ratio. Industry insiders anticipate a billion-dollar funding announcement in the coming week, highlighting the scale of JSW's commitment to this new venture.

Technology and Localization

The company is adopting a global approach to technology, with a particular focus on partnering with Chinese firms for electric vehicle technology. JSW Motor aims to achieve a high level of localization from the outset, targeting 70-75% initially, with plans to reach 100% in the future. This strategy aligns with India's push for self-reliance in manufacturing and technology.

Product Focus and Workforce

JSW Motor will exclusively focus on electric, hybrid, and next-generation vehicles, with the first product likely to be an SUV. This strategic decision positions the company at the forefront of the ongoing transition to sustainable mobility solutions in India.

To support this ambitious venture, JSW Motor is in the process of building a substantial workforce. The company plans to hire approximately 1,000-1,200 engineers and 5,000-6,000 workers, creating significant employment opportunities in the automotive sector.

Market Implications

The entry of JSW Group into the automotive sector, particularly with a focus on electric and hybrid vehicles, could potentially reshape the competitive landscape of India's auto industry. As established players and new entrants vie for market share in the rapidly growing electric vehicle segment, JSW Motor's ambitious plans and substantial investments position it as a company to watch in the coming years.

With its first vehicle set to hit the roads in 2026, JSW Motor's progress will be closely monitored by industry observers, potential customers, and competitors alike. The success of this venture could have far-reaching implications for India's automotive industry and its transition towards sustainable mobility solutions.

JSW Steel , one of India's leading steel producers, has significantly increased its stake in M Res NSW HCC Pty Ltd (M Res NSW), strengthening its position in the Australian coking coal market. The company has acquired an additional economic stake in M Res NSW for $60.00 million, raising its ownership to 83.33% from the previous 66.67%.

Strategic Acquisition Details

The acquisition, approved by JSW Steel's Board of Directors on September 17, 2025, will be executed through the company's wholly-owned subsidiary, JSW Steel (Netherlands) B.V. The transaction involves a combination of primary subscription and secondary purchase of non-voting Class B shares in M Res NSW.

Increased Stake in Illawarra Metallurgical Coal

This strategic move has broader implications for JSW Steel's involvement in Australian coal assets:

• M Res NSW will increase its holding in Golden M NSW Pty Ltd from 30% to 36%.
• Consequently, JSW Steel's effective economic interest in Illawarra Metallurgical Coal will rise to 30% from the current 20%.

Enhanced Raw Material Security

The acquisition aligns with JSW Steel's strategic priority of ensuring raw material security and cost optimization. Key benefits include:

• Increased offtake rights for hard coking coal, proportional to the new 30% economic interest.
• Access to Illawarra Metallurgical Coal's significant reserves, reported at approximately 95.00 million tons of marketable coal as of December 2024.

Financial Implications

While the immediate investment is $60.00 million, the transaction also affects JSW Steel's future financial commitments:

• The company's obligation to invest in M Res NSW by 2030 for deferred consideration to South32 has increased from up to $50.00 million to up to $75.00 million.

About Illawarra Metallurgical Coal

Illawarra Metallurgical Coal operates the Appin and Dendrobium coking coal mines and associated infrastructure in New South Wales, Australia. These assets are crucial for JSW Steel's raw material supply chain.

This strategic acquisition underscores JSW Steel's commitment to vertical integration and securing critical raw materials for its steel production operations. By increasing its stake in Australian coking coal assets, the company aims to enhance its competitive position in the global steel market.