South Korea's LG Energy Solution (LGES) is in negotiations with India's JSW Energy to establish a joint venture focused on manufacturing batteries for electric vehicles (EVs) and renewable energy storage. The venture would require an investment exceeding $1.5 billion.
Both companies have signed an initial agreement to form an equal partnership. LGES will provide the necessary technology and equipment, while JSW will contribute financially. The proposed plant in India is expected to have a total capacity of 10 gigawatt hours, with JSW likely utilizing about 70% for energy storage and EVs.
LGES aims to expand its presence in India, where it currently supplies major players like Tesla, General Motors, and Hyundai. The joint venture would help LGES mitigate manufacturing risks in a nascent EV market while also supporting JSW's ambitions to produce its own line of EVs, starting with buses and trucks.
JSW has previously formed a joint venture with China's SAIC Motor, acquiring a 35% stake in MG Motor's India unit. The companies hope to have the new plant operational by the end of 2026, with a final decision expected within the next three to four months.