According to Reuters, LG Energy Solution (LGES) of South Korea is in talks with India's JSW Energy to establish a battery joint venture, according to two sources familiar with the matter. The Reuters report states that the joint venture will require an investment of over $1.5 billion and aims to produce batteries for electric vehicles (EVs) and renewable energy storage.
One source said the two companies have signed a preliminary cooperation agreement, with LGES providing battery manufacturing technology and equipment, while JSW will contribute capital investment. The discussions include setting up a factory in India with a total capacity of 10 GWh. Of this, 70% of the capacity will be allocated to JSW for energy storage and EVs, while the remaining capacity will be used by L
The second source mentioned, "LG Energy Solution wants to find a partner in India, and JSW is interested because it plans to launch its own EV brand, starting with buses and trucks, followed by passenger cars." The sources noted that the agreement is non-binding and that the companies aim to have the joint venture plant operational by the end of 2026, with a fi
One source added, "JSW has proposed a 25-year agreement to LG Energy Solution," although the Indian company is also continuing discussions with other battery manufacturers. LGES stated, "We are exploring various potential business opportunities and closely monitoring market trends," but added that it currently has no specific plans for the Indian market. JSW declined to comment on the report.
Last year, Reuters reported that LGES and JSW were in preliminary talks to jointly produce batteries in India. For LGES, establishing a joint venture with JSW could help it gain a manufacturing foothold in India while reducing the risks of manufacturing in a market where the EV industry is still in its early stages. For JSW, the partnership could help its energy business secure local supply and lower EV costs.
Source：https://mp.weixin.qq.com/s/3J9Xsj5Ioi0UBMhXNkzJIQ