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Investing.com-- India’s JSW Group (NSE:JNSW) plans to launch its own electric vehicle brand by 2027 with technical and component support from China’s Chery Automobile Co., Bloomberg reported on Thursday, citing people familiar with the matter.
The agreement includes a one-time technology transfer fee and recurring royalties to Chery, though no equity partnership is involved, in line with India’s restrictions on Chinese investment in sensitive sectors, the report said.
If confirmed, the deal would mark the first significant transfer of passenger vehicle technology from a Chinese automaker to an Indian firm since the 2020 border clashes.
The report added that both Chery and JSW disputed Bloomberg’s accuracy, saying the agreement is limited to component supply. JSW added that it will develop core technologies internally, working with Indian firms like KPIT Technologies and LTIMindtree (NSE:LTIM).
Billionaire Sajjan Jindal’s JSW is reviewing models from Chery’s iCar range and plans to manufacture EVs in Maharashtra from 2027, the report stated.
Bloomberg also reported that JSW intends to expand its EV offerings to include electric trucks and buses from 2026.
Economic Times reported earlier this month that JSW plans to increase its stake in MG Motor India, its joint venture with China’s SAIC Motor Corp Ltd (SS:600104).