JSW Group is in advanced discussions with Japanese and South Korean manufacturers to form a joint venture (JV) for battery cell manufacturing in India, according to people familiar with the matter.

The conglomerate is seeking to strengthen supply chains for its new energy vehicle (NEV) business and reduce its reliance on Chinese imports, which have been uncertain in recent months, the people said. They added that discussions are expected to conclude by March.

"India has already started producing several battery components domestically, but the cell remains essential," one of the people said. "China has recently restricted exports of critical cell and anode technologies."

Serving multiple verticals

"That is why the company has been holding parallel discussions with Japanese and South Korean companies, both of which are considering establishing manufacturing bases in India with the group," the person cited earlier said.

The proposed JV is being structured to serve multiple business areas within the JSW Group, including NEVs (plug-in hybrid EVs and strong hybrids), grid-scale energy storage, and renewables integration. The new entity could operate under an existing group company or a new promoter-led entity, the people said. "A decision will be taken based on business alignment," one of the people added.

JSW Group has partnerships in both South Korea and Japan, including with JFE Steel and Toshiba in Japan, relating to industrial and technology collaboration.

"JSW is in advanced discussions on sourcing cell technology from either Japan or South Korea," a second person said, noting that the partnership is being considered as an equity alliance rather than a technical assistance or licensing arrangement.

A JSW Group spokesperson did not respond to email queries.

JSW's electric vehicle ventures form part of this strategy. JSW MG Motor India - a joint venture between China's SAIC Motor and JSW Group - plans to expand its EV line-up to increase its market presence. The automaker is currently the country's second-largest electric carmaker after Tata Motors.

Separately, JSW Motors, a wholly-owned subsidiary, is preparing to launch its own NEVs through licensing agreements with overseas automakers. A facility in Sambhaji Nagar, Maharashtra, will produce these vehicles, including electric cars and battery packs, and later battery cells.

JSW Motors plans to invest US$ 3 billion over the next five years to develop the NEVs. The first vehicle is expected for launch in the second half of FY26, Rajan Nayak, Chief Executive of JSW Motors, said in recent media interviews.

The proposed battery cell manufacturing JV is intended to support the group's EV and energy storage operations, the people cited said.