JSW Group Invests ₹40,000 Crore in Odisha for Mega EV Manufacturing; 11,000 Jobs Envisaged

12 Feb 2024 , 11:31 AM

JSW Group and the government of Odisha have entered into a memorandum of understanding (MoU) for an ambitious electric vehicle (EV) and EV battery manufacturing project in Cuttack and Paradip.

The mega project involves a substantial investment of ₹40,000 Crore by JSW Group and aims to establish world-class advanced technology-based facilities, including a 50 GWH EV battery plant catering to both mobility and energy storage systems.

The comprehensive project encompasses commercial e-vehicles, passenger electric cars, auto components like e-powertrain, lithium refineries, copper smelter, and related manufacturing units.

The investment plan allocates ₹25,000 Crore for the electric vehicle and battery manufacturing complex in Cuttack, while ₹15,000 Crore will be directed towards the EV components manufacturing facility in Paradip.

JSW Group had previously announced a joint venture with a 35% stake alongside SAIC Motor Corp. Ltd for focusing on electric vehicles.

The project also addresses the challenge of establishing an entire ecosystem for EV manufacturing in Odisha, aiming to fill the gap in the region’s automobile manufacturing infrastructure compared to states like Gujarat and Tamil Nadu.

The manufacturing initiative is anticipated to generate over 11,000 jobs, with 4,000 employment opportunities in Cuttack and 7,000 in Paradip, contributing to the enhancement of Odisha’s industrial landscape.

The JSW Group highlighted that the project will not only boost Odisha’s industrial growth but also significantly contribute to India’s EV manufacturing capabilities.

Chief Minister of Odisha, Naveen Patnaik, expressed enthusiasm, emphasizing the project’s focus on creating high-skill job opportunities in the new age sectors for the people of Odisha.

JSW Steel Limited, a flagship company of JSW Group, is an Indian multinational steel producer headquartered in Mumbai, ranking as the second-largest private sector steel company in India post-merger.

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