In a move to diversify business operations at a time when the thermal power industry faces unprecedented disruption from renewable energy sources, JSW Energy, a power arm of JSW Group with a total 4,531 MW of operational capacity, has announced venturing into new verticals, including electric vehicles and energy storage.

In its meeting on Friday, the company's board has approved incurring Rs.3,500-4,000 crore capex over the next three years in the new business verticals.

JSW Energy is planning to launch its own electric vehicle by 2020, the company said in a statement, adding that the Indian automobile industry is at an inflection point in terms of growth in overall market size, while the new entrants in the market are able to get a level playing field thanks to disruption by electric vehicle technology.

Another vertical that JSW Energy is exploring, as BusinessLine reported earlier, is energy storage systems and charging infrastructure. The company is also planning to emerge as a player in energy storage, not only for electric vehicles but for other static applications, including telecom, micro grids, solar storage systems for households and power banks.