Sajjan Jindal-led JSW Group is eyeing to expand its infrastructure portfolio by entering the airport building business. Speaking at the 8th edition of the Bengal Global Business Summit in Kolkata on February 5, Jindal announced the group’s plan to buy a stake in West Bengal’s Andal airport, which is currently managed by Bengal Aerotropolis Projects (BAPL).
“This would be our first entry into the airport business,” said JSW chairman Sajjan Jindal.
BAPL is an infrastructure development project started in 2007. It comprises of airport, IT Park, industrial zone and township. BAPL is promoted by Singapore’s Changi Airports International’s subsidiary company, Changi Airports India, government-owned Infrastructure Leasing & Financial Services (IL&FS) and three other stakeholders.
Jindal has planned to acquire stakes from other stakeholders, the JSW Group chairman added.
“We want the government of West Bengal to remain and Changi to remain. The other partners will probably sell out,” said Sajjan Jindal.
Additionally, the group announced its plan to develop a 1,600 MW power project in West Bengal with an outlay worth Rs 16,000 crore.
JSW Group Eyes EV Market
Airport infrastructure isn’t the only new venture the JSW Group is tapping into. The group has planned to enter the electric vehicle market with electric cars and e-trucks. The paint-to-steel conglomerate has held discussions with potential Chinese companies like Geely and BYD for technology transfer and licensing agreements for the setting up of a mobility company, the Economic Times reported, citing sources.
“I am very bullish about electric mobility...So, wherever technology lies, we will tie up with them to bring the technology to India and then very quickly localise it for the Indian market,” Jindal told CNBC-TV18.
The conglomerate is rapidly spreading its wings in the renewable energy sectors as well and forging partnerships with international companies. Last year, the group announced a partnership with South Korean-based POSCO Group to explore battery materials related to EVs and renewable energy.
“JSW Group has signed an MOU with the POSCO Group outlining a framework for collaboration in steel, battery materials and renewable energy sectors in India,” said the conglomerate in a statement.
