JSW Motors Secures INR 8,000 Cr Funding Line from SBI for EV Expansion

JSW Motors, part of billionaire Sajjan Jindal’s business group, has secured a funding line of about INR 8,000 crore (USD 826 million) from the State Bank of India (SBI) to support its new energy vehicle plans. 

The financing is expected to help the company move forward with its manufacturing and expansion strategy in India’s growing electric mobility sector.

According to ET media reports, the loan facility from SBI carries a tenure of more than 10 years. The funds will be partly used to set up a greenfield manufacturing facility in Maharashtra, marking a key step in JSW Motors’ entry into the new energy passenger vehicle market.

Sources familiar with the matter indicated that SBI may sell down a portion of the loan exposure to other lenders if there is demand in the secondary market. The development was first reported by trade publication Autocar Professional.

The funding is seen as a positive signal for India’s domestic vehicle manufacturing ecosystem, particularly in the electric vehicle (EV) segment. It reflects growing confidence among lenders in the long-term potential of clean mobility and advanced automotive technologies.

The large financing deal is also expected to support credit growth in the banking sector. CareEdge Ratings estimates overall credit growth to range between 13 percent and 14.5 percent in the current financial year, compared to deposit growth of 11 percent to 12 percent.

JSW Motors’ upcoming vehicle is expected to be among the first homegrown automotive brands introduced in India in several decades. The broader JSW Group already has a presence in the mobility sector through its joint venture with China’s SAIC Motor Corp, operating as JSW MG Motor India, and a separate partnership with Chery Automobile.

The company said it is focused on building a strong presence in the new energy vehicle segment, with further details on its product lineup and launch timelines to be announced later.