JSW Group to Provide up to Rs.3 lakh Incentive to Employees

by 5paisa Research Team Last Updated: Dec 13, 2022 - 10:55 am 42k Views
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JSW Group on Monday announced an initiative to provide up to Rs.3 lakh incentive to its employees to buy electric vehicles across India from January 1 next year.

"Aligned with India’s Nationally Determined Contributions (NDCs) and Sustainable Development Scenarios (SDS) of The International Energy Agency (IEA), Mumbai-based multi-billion-dollar conglomerate. The JSW Group has unveiled their latest Green initiative JSW Electric Vehicle (EV) Policy for its employees across India," the company said in a statement.

This is the first initiative of its kind by a major Indian corporate house. This EV Policy will come into effect for its nationwide workforce on January 1, 2022, it added.

The new EV policy will facilitate up to Rs.3 lakh incentive for employees to purchase electric vehicles four and two-wheelers. The policy aims to promote the adoption of electric vehicles across the group, it said.

Apart from financial incentives, free-of-cost dedicated charging stations and green zones (parking slots) for electric vehicles will be provided at all JSW offices and plant locations for employees, it informed.

Sajjan Jindal, Chairman, JSW Group, said, “Since our honourable Prime Minister announced at Glasgow COP26 meeting that India strives to reach net-zero carbon emissions by 2070, JSW Group’s new EV Policy is a unique initiative leading to increased adoption of EVs in India and enabling access to green mobility.

“We would continue to move ahead responsibly, singularly focused on reducing our own impacts, while being pioneers in the sustainability domain. The goal is to build ambition among corporate and government bodies to support India’s transition to net-zero by 2070.”

As one of India’s leading conglomerates, JSW Group has always been the front runner in incorporating sustainability into its core operations and decision-making practices, along with adopting the best available technologies (BAT) to improve climate impact performance, the company said.

“With so many changes in the environment, automation, and processes, it is imperative to review and harmonise prevailing employee policies with contemporary practices. The transport sector in India is currently the third-largest emitter of CO2.

“As electric vehicles are more efficient than traditional IC engine vehicles, the JSW EV policy, effective January 2022, will set a benchmark for others to follow. EVs are not only environmentally-friendly but also cost-effective,” Dilip Pattanayak, President & CHRO, JSW Group, said.

JSW Steel Ltd has adopted a specific climate change policy and set an ambitious CO2 emission reduction target of 42 per cent over the base year of 2005 by 2030 (to a level of 1.95 tCO2/tcs).

In India, JSW Steel is operating a Carbon Capture and Utilisation (CCU) of 100 TPD capacity where the captured and refined CO2 is used in the beverage industry.

The USD 13 billion JSW Group is ranked among India's leading business houses. JSW's innovative and sustainable presence in various sectors, including steel, energy, infrastructure, cement, paints, venture capital and sports, is helping the group play an important role in driving India’s economic growth, it said.

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