JSW Motors has secured Rs. 80 billion (US$ 830.13 million) in long-term project financing from the State Bank of India (SBI) to support its new energy vehicle (NEV) business, sources close to the matter told reporters.

The financing will partly support the company's greenfield manufacturing facility at Chhatrapati Sambhajinagar and the development of a domestically anchored NEV ecosystem.

Sources stated that the Chhatrapati Sambhajinagar plant in Maharashtra is being developed with an annual installed production capacity of 350,000 vehicles and is being established in partnership with global equipment manufacturers.

The project comes at a time when India's EV industry is entering a more competitive phase, with legacy automakers, start-ups and industrial conglomerates competing to secure manufacturing scale, battery capabilities and supply-chain control.

JSW Group is looking beyond vehicle assembly and is attempting to build an integrated new-energy ecosystem. The funding is among the larger project financing deals in India's electric passenger vehicle segment, reflecting lender interest in the sector and the JSW Group's plans to expand its presence in the automotive market.

An email sent to the company had not received a response at the time of publication. The story will be updated upon receipt of a response. Alongside the vehicle plant, JSW Motors is also establishing a battery assembly facility in Pune to support its electric and new-energy powertrain programmes and strengthen its "in-house capability across critical components of the powertrain value chain".

People familiar with the company's plans stated that the strategy is centred on increasing domestic value addition at a time when the Indian EV industry remains heavily dependent on imported battery components and technology partnerships.

The company plans to position JSW Motors as an automotive manufacturer in India with a portfolio spanning EVs, plug-in hybrids and other new-energy powertrains.

JSW Motors is evaluating a diversified technology portfolio, including plug-in hybrid electric vehicles (PHEVs), which could serve as a bridge between conventional internal combustion engine vehicles and fully electric cars. The JSW Group has committed investments of approximately US$ 2-3 billion into its automotive business over the next five years. The investment will support the company's greenfield manufacturing facility at Chhatrapati Sambhajinagar in Maharashtra, technology and platform development, battery manufacturing through JSW Energy, and research and development infrastructure.

Alongside manufacturing, the company is also developing engineering and localisation capabilities in India. Its current research and development setup focuses on adapting and localising vehicles for the Indian market across advanced driver assistance systems (ADAS), connected car technologies, body-in-white localisation, chassis systems, powertrains and high-voltage battery integration.

The research and development organisation currently employs around 150 engineers with experience across OEMs, Tier-1 suppliers and engineering services companies. JSW plans to expand this to approximately 500 engineers by 2027 and establish a research and development centre in India by 2029, employing around 2,000 engineers to support full vehicle development programmes.

Retail strategy is another element of the rollout. Rather than relying solely on traditional dealerships from the outset, JSW Motors plans to begin operations with company-owned experience centres in major cities, including Mumbai, New Delhi and Ahmedabad.

The company has already begun engaging potential dealer partners for a broader retail expansion, while prospective dealers are expected to be shown the first batch of products developed in partnership with Chery Automobile. All vehicles will carry the JSW badge.

Part of JSW's strategy involves leveraging global partnerships, particularly Chinese EV technology, while localising manufacturing operations in India. The company is expected to launch its version of the Jetour T2 SUV, a large plug-in hybrid SUV comparable in size to the Toyota Fortuner. Globally, the model uses a hybrid powertrain combining a 1.5-litre turbo-petrol engine, dual electric motors and a 26.7kWh battery pack, producing a combined output of 381hp and 610Nm, with a claimed combined driving range of more than 1,000km.

JSW is also believed to be developing an India-specific version of the iCar V23 electric SUV. Both products are expected to be assembled at the Chhatrapati Sambhajinagar facility.

This gives JSW a dual-track automotive strategy in India. On one side, the group continues to expand JSW MG Motor India, its joint venture with SAIC Motor, while on the other, it is building its independent JSW Motors brand focused on EVs and plug-in hybrids.