India’s JSW Group plans to launch its own electric vehicle (EV) brand by 2027, supported by Chinese automaker Chery Automobile, according to a Bloomberg report citing sources familiar with the matter.

The agreement is said to include a one-time technology transfer fee and recurring royalty payments to Chery. However, there is no equity partnership between the two companies, aligning with India’s restrictions on Chinese investments in sensitive sectors post-2020. JSW and Chery have asserted that the agreement pertains only to component supply.

JSW emphasised that it would develop core technologies in-house and collaborate with Indian tech partners such as KPIT Technologies and LTIMindtree. JSW, led by billionaire Sajjan Jindal, is evaluating Chery’s iCar models for local adaptation and plans to begin EV manufacturing in Maharashtra by 2027. The company also intends to broaden its EV product line to include electric trucks and buses beginning in 2026.