JSW Energy (www.jsw.in/energy) will spend up to 40 billion rupees ($623 million) on facilities to build electric cars, batteries and charging infrastructure, as part of the power company’s diversification plans to drive future growth, according to chief executive Prashant Jain.

It plans to produce its first electric car by 2020, making it the first non-automotive company in India to enter the electric-car business.

India has proposed a 15-year road-map for ‘rolling out’ electric vehicles; it is also auctioning solar-power capacity as part of a push to triple renewable-energy generation by 2022 and to cut greenhouse gas emissions.

Mr Jain, speaking after JSW reported its first-quarter results, said energy storage was the right focus for the company, which has limited growth opportunities in the power sector — and surplus cash.

The company, which is part of the JSW Group, plans to build electric storage batteries for vehicles, telecom towers, household use and renewable power.

It is currently looking for manufacturing locations and technology partners for electric vehicles, and it will sell the car under the JSW brand name; however, analysts are sceptical that JSW can meet the 2020 deadline for launching the car.

India’s Mahindra & Mahindra said in May that it aims to be building long-range electric vehicles by mid-2019.

It entered the electric-vehicle business in 2010 by acquiring Bengaluru-based Reva Electric Car Co.