The facility is expected to support long-term manufacturing ambitions of billionaire industrialist Sajjan Jindal as the group prepares to launch what could become India’s first homegrown passenger vehicle brand in decades.JSW Motors on Wednesday secured an ₹8,000 crore funding line from State Bank of India to support the development of its new energy vehicle business, marking one of the largest financing deals in India’s emerging EV manufacturing ecosystem, according to a Bloomberg report.
The funding facility, with a tenure of over 10 years, will partly finance the company’s upcoming greenfield manufacturing facility in Maharashtra, the report said.
The company confirmed the development in response to queries, stating that the project aligns with its plans to build a strong presence in the new-energy passenger vehicle segment.
The move underscores growing confidence among domestic lenders in India’s electric mobility ecosystem, especially as automakers accelerate investments to capitalise on rising EV demand and government-backed clean mobility initiatives.
SBI may subsequently syndicate or sell down a portion of the exposure to other lenders, depending on secondary-market demand, the report said, citing people in the know.
The bank did not officially comment on the development.
The planned facility is expected to support the long-term manufacturing ambitions of billionaire industrialist Sajjan Jindal as the group prepares to launch what could become India’s first homegrown passenger vehicle brand in decades.
The JSW Group, which has interests across steel, cement and energy, already operates in the automotive sector through its joint venture with SAIC Motor — JSW MG Motor India — and has also partnered with Chery Automobile for new-energy vehicle initiatives.
“JSW Motors is focused on building a strong presence in the new energy passenger vehicle segment,” a company spokesperson said, adding that details around products and launch timelines would be announced at an appropriate stage.
The financing also comes at a time when India’s banking sector is expected to see stronger credit growth. According to CareEdge Ratings, credit growth is projected at 13–14.5 per cent in the current fiscal year, ahead of deposit growth of 11–12 per cent, as banks continue to prioritise balance sheet expansion.
