India’s “shoestring” research and development budgets leave it dependent on strategic rival China for the technology it needs to boost manufacturing, said steel billionaire Sajjan Jindal as he prepares to launch an electric vehicle brand.
The 65-year-old chair of JSW Group, which owns India’s largest steelmaker, said his company was in talks with several Chinese manufacturers, including BYD and Geely, to bring technology to India in preparation for an EV launch by June next year.
“The technology rests in China. Even Europe is taking the technology from China,” Jindal told the Financial Times. “China has taken a huge leap versus the European auto companies, so we don’t have any option.”
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