The JSW Group has launched a new electric commercial vehicle brand called Ampstar under its arm JSW Greentech. The business starts with an investment of ₹2,500 crore in a factory at Chhatrapati Sambhaji Nagar in Maharashtra. The plant can build 15,000 electric vehicles a year, and commercial production is set to begin within a month.
Revenue Plans
At an average selling price of ₹80 lakh per vehicle, the company expects revenue of ₹12,000 crore once the factory reaches full capacity. Parth Jindal, Managing Director of the group, said the venture offers better returns on capital and equity than any of the group's traditional businesses. The assembly line can be switched between buses and heavy trucks as demand requires.
Captive Demand Reduces Risk
Buyers are not a concern at the start. Jindal said demand from the JSW Group and the wider OP Jindal ecosystem adds up to nearly 10,000 trucks. These vehicles will move clinker and slag for JSW Cement's Dolvi unit and carry raw material for JSW Steel's Vijayanagar plant.
Technology Developed Internally
Rather than paying royalties or signing technology transfer deals, JSW Greentech is building its own technology stack. It is working with global specialists, including Italian design firm Torino. CEO Sumit Mittal said the technology is fully in-house.
Current trucks carry a 282 kWh battery that delivers 140 to 150 km on a charge. A larger 400 kWh pack is under development and should push range to 200 km in about four months.
Public charging for heavy vehicles is scarce in India, so the company will build route-specific infrastructure. Plans include fast chargers that take an hour and ultra-fast 7-minute battery swapping on corridors such as Krishnapatnam Port to Vijayanagar.
Localisation Roadmap
The firm targets 50% domestic content in trucks within six months, rising to 75% in nine to twelve months. Buses will have 70 to 75% domestic value. Imports will be limited to LFP battery cells and special motor magnets. Once these targets are met, the heavy trucks should qualify for government e-truck subsidies in six to nine months.
A Nascent Market
Electric heavy trucks have barely taken off in India. Only around 800 units were sold in the country last year, against roughly 4,40,000 globally. Amit Bhatt of ICCT said the outlook is strong, citing rising oil prices, schemes like PM E-DRIVE and state EV policies as drivers of adoption.
What Comes Next
JSW plans to expand into light and small commercial vehicles over the next five years. Jindal also said a hydrogen truck is possible in future, but the group will never go for LNG since India imports gas.