JSW group signs MoU with Odisha to set up Rs 40,000 crore EV project in state

BHUBANESWAR: The JSW group on Saturday signed a Memorandum of Understanding with the Odisha government for establishment of an Integrated Electric Vehicle (EV) and EV Battery manufacturing project at an investment of Rs 40,000 crore in the state.

At Naraj in Cuttack district the JSW group will set up an EV vehicle, and component manufacturing plant, while at Paradip in Jagatsinghpur district, it will set up a copper smelter and lithium refinery. The project consists of a 50 GWH EV battery plant, EV, lithium refinery, copper smelter and related component manufacturing units.

The MoU was signed two weeks after the state cabinet approved a special incentive package for the group's ambitious EV and component manufacturing projects at Naraj in Cuttack and Paradip in Jagatsinghpur district.

Speaking on the occasion, Chief Minister Naveen Patnaik said this day 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", Patnaik said..

The chief minister also said that this project will enhance the livelihood of thousands of families and contribute to the socio-economic uplift of our 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..

"Through our collaboration with JSW Group, 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," he said.

The project with an investment of Rs 40,000 crore, will help create over 10,000 jobs for the youth, marking a significant growth in employment generation in the state, an official statement said, adding that the project will also spur employment generation in ancillary and support services. It will catalyze MSME development, opening a plethora of opportunities in the auto component supply chain and services sector.

"JSW chose Odisha for its first EV unit for the state's stable leadership, state government's unparalleled support to industries, besides its resources and skill ecosystem. Odisha has all the potential to become a One Trillion Dollar economy", said Sajjan Jindal, Chairman, JSW Group..

Stating that the company’s long-standing relationship with Odisha and its people forms the foundation of the new venture, Jindal said this project is a milestone in our journey, reflecting our commitment to the state's development and prosperity.