South Korea’s LG Energy Solution (LGES) and India’s JSW Energy are in discussions to establish a battery manufacturing joint venture (JV) for electric vehicles and renewable energy storage, reported Reuters, citing two sources.
The venture is expected to require an investment of over $1.5bn.
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The collaboration, which is in the negotiation phase, entails an initial agreement for an equal partnership.
Under the agreement, LGES will provide the technology and equipment for battery production, while JSW will make the financial investment.
It will include construction of a battery plant in India with a capacity of 10GWh of which JSW is expected to use approximately 70% for energy storage and electric vehicles, the report said..
“LGES wanted a partner in India and JSW is interested because it is coming up with its own brand of EVs starting with buses and trucks, and later on cars,” the publication quoted a source as saying.
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By GlobalDataThe agreement remains non-binding, with both companies aiming to finalise the talks over the next few months.
The plant is expected to be operational by the end of 2026.
The joint venture is a strategic move for LGES, a major battery supplier to global automakers such as Tesla, General Motors, and Hyundai.
By establishing a manufacturing presence in India, LGES aims to tap into the country’s expanding EV market, where it already supplies batteries to e-scooter makers like Ola Electric and TVS Motor.
For JSW Energy, this collaboration builds on its prior stake in MG Motor’s India unit, following its partnership with China’s SAIC Motor.
JSW is also exploring opportunities with other battery manufacturers as part of its broader strategy to develop its own EV brand and expand its presence in the automotive sector.
