JSW Group, one of India’s leading conglomerates, has announced its entry into the electric vehicle (EV) sector with a massive investment of Rs 40,000 crore in Odisha. The group has signed a memorandum of understanding (MoU) with the Odisha government to set up an integrated EV and EV battery manufacturing project at Cuttack and Paradip. The project will create over 11,000 jobs and boost the state’s industrial development and economic growth.
JSW EV vision
The project consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units. JSW Group Chairman Sajjan Jindal said that the project is a milestone in the group’s journey and reflects its commitment to the state’s development and prosperity. “It’s a testament to our belief in Odisha’s potential and our dedication to contributing positively to its economic landscape,” he said.
JSW Group has already entered into a strategic partnership with MG Motor India to supply lithium-ion batteries for its EVs. The group also plans to launch its own EVs under the brand name JSW Electric. The group aims to leverage its expertise in steel, energy, cement and infrastructure to create a sustainable and innovative EV ecosystem in India.
Odisha’s support
The Odisha government has extended a special package of incentives for the project under its Industrial Policy Resolution 2021. The state government has also assured to provide land, water, power and other infrastructure facilities for the project. Odisha Chief Minister Naveen Patnaik said that the project marks a great leap forward in the state’s journey towards industrial excellence and sustainable development.
“Powered by the 5T (transformational) initiative, Odisha is on a steady path of transformation. The establishment of the JSW Group’s Electric Vehicle manufacturing unit is a testament to our state’s evolving industrial landscape. This strategic move underscores our commitment to sustainable development, and thereby, positioning Odisha as a pivotal player in India,” he said.
The chief minister also said that the project will enhance the livelihood of thousands of families and contribute to the socio-economic uplift of the region. It will also catalyse the growth of MSMEs, spurring the development of a vibrant ecosystem of ancillary industries. He also underscored that the project heralds Odisha’s significant entry into the ever-growing automobile industry sector in India.
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