Here's your Forbes Daily Briefing for Tuesday, October 15th.

Today on Forbes, what's driving the son of India's richest woman to pour billions into EVs.

Sajan Jindal, the son of India's richest woman, Savitri Jindal, is steering his Mumbai-based steel and energy giant J.S.W.

into making cars.

In March, he bought 35% of M.G. Motor India from China's

SAIC Motor for an undisclosed amount.

Parth Jindal, son of Sajan, and a director of the renamed J.S.W. M.G. Motor

is especially bullish on the electric vehicle market, as India promotes the industry to reduce its dependence on

imported crude oil.

He says, quote, when the transition to EVs started happening, we felt the playing field was

becoming a lot more even because for an established car player to get into EVs or a new player

it's almost one in the same thing.

SAIC retains 49% in the joint venture, while Singapore-based private equity firm

Everstone Capital holds 8%, employees 5% and MG car dealers 3%. J.S. W. car dealers 3%.

J.S. W. Group is injecting roughly 1.8 billion dollars into J.S.W. M.M.G.

to stoke production capacity to 300,000 units a year by 2026 and 1 million by 2030,

compared with 100,000 units currently.

The joint venture has a sole factory in the state of Gujarat, but plans to build another one nearby as it aims to launch a new model every three to six months.

To reduce costs, the joint venture will buy more local parts, including materials from J.S.W. Group.

In March, India lowered import duties on certain EVs made by carmakers that agree to

invest at least $ million dollars and start

manufacturing within three years.

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