"I think the biggest and the best player in electric cars in India is going to be Tata Motors," Jhunjhunwala told CNBC's ""I am a large shareholder of Tata Motors. I am playing the EV story through Tata Motors," the investor said.
He explained that valuation will not ultimately decide who will win the race for electric vehicles. Instead, large companies that have manufacturing and investment capabilities, distribution channels, production experience and the ability to design good cars are eventually going to come out ahead, according to Jhunjhunwala.
"I think it's going to be the Mercedes, the Volkswagens, and the Tata Motors, who are going to be the real winners in the electric race," he said, adding that another factor required to succeed in India is to be able to customize the cars for Indian road conditions — for example, the ability to drive those cars on flooded roads.
India is also a cost-conscious market where electric vehicle usage is likely to depend on the kind of incentives the government gives, the investor explained. Infrastructure, such as charging stations, still needs to be built out for widespread adoption. But, Jhunjhunwala said, India is "ready as any developing country, but, I think the pace of readiness is going to go up like anything."
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