.jpg)
19 hours ago
3
Article content
(Bloomberg) — Billionaire Sajjan Jindal’s automotive business has secured about 80 billion rupees ($826 million) funding line from India’s largest lender, keeping its plans for a new energy vehicle venture on track.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The facility from State Bank of India, the country’s top lender, carries a tenor of more than 10 years, according to people familiar with the matter. It will partly fund JSW Motors Ltd.’s “greenfield manufacturing facility” in the western Indian state of Maharashtra, the company’s spokesperson said in response to a query from Bloomberg News.
Article content
Article content
Article content
SBI may sell down part of the exposure to other lenders in the event of demand in the secondary loan market, the people familiar said, asking not to be identified as the details are private. A bank spokesperson did not respond to messages seeking comment.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Trade journal Autocar Professional was the first to report on the facility.
Article content
The funding is a boost for local vehicle manufacturing, and signals confidence from domestic lenders in India’s emerging EV ecosystem. The large-ticket financing is also expected to drive momentum in the credit market, where lending growth is projected to outpace deposit expansion in the fiscal year that began April 1.
Article content
CareEdge Ratings estimates credit growth will reach 13% to 14.5% in the current fiscal period, compared with deposit growth of 11% to 12% as banks prioritize steady balance-sheet expansion.
Article content
JSW Motors’ new vehicle will mark the country’s first homegrown brand in decades. Jindal’s group, which has interests spanning steel, cement and power generation, also has a joint venture with China’s SAIC Motor Corp. — JSW MG Motor India Pvt. — and a separate partnership with Chery Automobile Co. for new-energy vehicles.
Article content
JSW Motors is focused on building a strong presence in the new energy passenger vehicle segment, the spokesperson said, adding that details about product lineup and launch timelines will be announced at the appropriate time.
Article content
India’s electric and hybrid vehicles sector is expanding rapidly as automakers ramp up production to capitalize on government incentives and surging consumer demand for clean mobility.
Article content
English (US)