JSW Group’s electric commercial-vehicle arm is targeting annual revenue of about ₹15,000 crore at scale, using demand from its own steel, cement and infrastructure businesses as a launchpad while pursuing logistics companies, industrial groups and government contracts for its newly launched AMPSTAR electric trucks and buses.
At full utilisation of its 15,000-unit Chhatrapati Sambhajinagar plant, JSW Greentech expects vehicle sales to generate about ₹12,000 crore, with after-sales potentially adding another ₹2,000-3,000 crore, CEO Sumit Mittal said. He sees the company reaching that scale in five to seven years, although the chairman’s internal expectation is considerably faster.
The external business could start building immediately. “I think we should sign up 2,000-3,000 by the end of the day,” Mittal said, pointing to multiple customer conversations.
AMPSTAR will start trucks with a 55-tonne tractor-trailer, aimed initially at applications such as ports, steel, cement and infrastructure, before adding tippers and fixed-body dumpers. Its bus portfolio will stretch from 7 metres to 18 metres, covering staff transport, city, intercity and school applications.
The company eventually plans to move into light commercial vehicles, but Mittal said that will follow the creation of a broader distribution network. For now, AMPSTAR will operate largely through B2B contracts rather than a dealership-led model.
JSW will initially use its own operations to establish the vehicles, but Mittal said the strategy is to build a sizeable third-party business.
“My conversation with customers, my conversation with logistics players — everybody wants to kind of start off with an experiment because nobody wants to be left out of the electric transition,” he said. JSW is already in discussions with several outside customers.
A key part of the ramp-up will be localisation. JSW’s buses are already around 70-75 per cent localised, while trucks are targeted to reach about 50 per cent within six months and around 75 per cent within 9-12 months. Battery cells and permanent magnets remain among the principal imported components.
That will determine when AMPSTAR can tap the Centre’s ₹500-crore PM E-DRIVE incentive pool for electric trucks. Mittal said JSW does not currently meet the required localisation threshold but expects to become eligible in about six to nine months.
The larger challenge is persuading fleet operators to absorb the substantially higher upfront cost of electric trucks. JSW is attacking that through financing, leasing, Battery-as-a-Service and pay-per-use models, alongside charging and battery swapping.
Mittal estimates energy costs at roughly ₹40 a kilometre for diesel against about ₹10 for electric, translating into savings of around ₹30 a kilometre.
AMPSTAR is also offering battery swapping in under seven minutes and fast charging in under an hour, initially designing infrastructure around fixed freight corridors.
That makes the business model fairly clear: prove the vehicles within JSW, widen the product range, localise to lower costs and unlock incentives, and use financing and operating-cost savings to convert outside fleets.
Published on September 22, 2026
