JSW Group to invest Rs 40,000 Cr for EV plant in Odisha

JSW Group has signed an agreement with the Odisha government to set up an integrated EV manufacturing facility in the state entailing an investment of Rs 40,000 crore.

One completed, the project will mark JSW Group's foray into the automobile space.

As per its homepage, the $23 billion Group is into core sectors like steel, energy, cement, infrastructure, paints, ventures, and sports.

In a statement, the conglomerate said, "it plans to establish an integrated EV manufacturing facility in Odisha, and has signed a Memorandum of Understanding (MoU) with the Government of Odisha for the establishment of an Integrated Electric Vehicles (EV) And EV Battery Manufacturing Project at Cuttack and Paradip".

The project, with an investment of Rs 40,000 crore, will help create over 11,000 jobs, marking a significant growth in employment generation in the state, the Group said.

The project consists of a 50 GWH EV battery plant, EVs, lithium refinery, copper smelter and related component manufacturing units.

"We are keenly focused on leveraging the opportunities presented by the new age sectors, aiming to create high-skill job opportunities for the people of Odisha. Through this collaboration, we are setting the stage for a future where innovation drives our industrial growth, ensuring that the youth of Odisha have access to the skills and jobs that will define the next generation of economic development," Odisha Chief Minister Naveen Patnaik said in the statement.

JSW Group Chairman Sajjan Jindal said, "Our long-standing relationship with Odisha and its people forms the foundation of our new venture. This project is a milestone in our journey, reflecting our 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."

The project will also spur employment generation in ancillary and support services. It will catalyse MSME development, opening a plethora of opportunities in the auto component supply chain and services sector.

Without sharing details, JSW Group further said the Odisha government's support through a special package of incentives for the project underlines the state's commitment to fostering industrial growth and technological innovation.

This initiative is expected to not only enhance Odisha's industrial landscape but also contribute significantly to India's EV manufacturing capabilities.

The MoU signing ceremony on Saturday was attended by Odisha Chief Minister Naveen Patnaik, State Industries Minister Pratap Keshari Dev, JSW Group Chairman Sajjan Jindal and Seniors Officers of Govt of Odisha; representatives of leading industry associations, technical and professional educational institutions.